By Maurice Dobb
This quantity collects released papers and essays from greatly scattered and inaccessible resources, a few of which seemed for the 1st time whilst this publication used to be initially released. within the first a part of the ebook the themes variety from the idea of wages and up to date tendencies in monetary thought to economists’ feedback of capitalism and socialism, investment-policy in under-developed international locations, and fiscal progress below the Soviet 5 12 months Plans. the second one half contains papers on Lenin and Marx, a learn of the commercial principles of Bernard Shaw, and an essay on old materialism.
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Extra info for On Economic Theory and Socialism: Collected Papers (Collected Works of Maurice Dobb, Volume 2)
Sample text
Not the least important among the inventions and improvements which affect the wage-level in the future may be a growth of collective saving which, in the character of a 'leisure-classsaving economy', will tend to increase the share of the natiol1al income which the wage-earning class can receive. For the burden of supporting the consumption of a rentier class at home, from the standpoint of wageearners, is in essentials no wit different from the burden of paying tribute to holders ofan external debt abroad.
A SCEPTICAL VIEW OF THE THEORY OF WAGES a dependent variable; and with existing data the equations could not provide a solution. In the ordinary competitive theory of value the demand and supply curves represent two equatiol1s relating demand-price to quantity and supply-price to quantity. In these equations utility and cost respectively figure as independent variables. Thereby a determinate equilibrium is provided, or a single solution which satisfies the conditions for each of the various possible magnitudes to be assigned to utility and cost.
1 N either is it answered in a socialist any more than in a capitalist economy. e. the supply-price of labour) relative to productivity, modified by the rate of saving. In a socialist society property will be in the hands of the State, and this fundamental cost-relation will, of necessity, be determined a priori by the decisions of the State as to the proportion of resources to be devoted to the production of consumable goods and of capital goods. That a free market can and must provide the criterion as to what this relation should be is a common illusion-an illusion which seems to lie behind a great deal of the talk about a 'natural' rate ofinterest, particularly of the 'necessity' of being ruled by this 'natural' rate in a socialist community.