Re:Mexico’s Attempt to Save Freud from the Nazis
by CryptoPunk on Tuesday October 22, 2019 @11:13AM
(#21324544)
Marx stated that constant capital contributed no new value to the production - that its contribution was equivalent to its depreciation, and thus on the balance, zero. This is more of his pure economic illiteracy and quackery.
https://en.wikipedia.org/wiki/Constant_capital#Why_%22consta...?
So no, Marx did NOT recognize "the value that [the investors'] capital provided" in the production of goods/services. His silly theory put the net value contributed by the capital at zero. Apparently working for years to create a machine that can automate berry picking is identical in value to picking berries every day for years - the long-term investment of time into a project to raise productivity added no value according to him.
The man and his economic theories are absurd. In one sense, they are exactly what they claim to be: anti-capitalist. They are hostile to the processes that build capital.
this fundamental concept is called constant capital and it is of course introduced in the opening chapters of capital vol 1