“The Indeterminate Nature of the Circulation Process” and Marxian Market Theory

江原 慶, EHARA Kei

doi:10.15002/00025149

Bibliographic Information

Other Title

「流通過程の不確定性」とマルクス経済学市場理論
「リュウツウカテイノフカクテイセイ」トマルクスケイザイガクシジョウリロン

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Description

This paper discusses the structure of Marxian market theory in the context of Japanese political economy. Focusing on what is called “the indeterminate nature of the circulation process (INCP),” it argues that a tripartite analysis offers a more comprehensive insight into this core tenet of Marxian economics. The main findings are as follows: 1. “the INCP” is originally a by-product of characterizing the production process as technically determined; 2. “the INCP” explains why the credit system is necessary for the capitalist market; 3. “the INCP” is fundamentally caused by the existence of commodity value coupled with an essentially stochastic character in the sales process. This can be identified by drawing upon F. Knight’s concept of “risk” rather than“ uncertainty.” The concept of value in this sense needs not be equivalent to labour time objectified in the commodities, since the labour theory of value itself does not explain why the circulation process must be considered as stochastic. Hence Marxian political economy would be better served by adopting a tripartite structure that incorporates value, labour, and price instead of the traditional dual-layered approach that focuses upon labour-value and price.

Journal

経済志林

経済志林 89 (2), 113-146, 2022-03-20

法政大学経済学部学会