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Cake day: November 19th, 2023

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  • The labour theory of value would predict that higher wages don’t increase prices, but reduce the rate of surplus value.

    The labour theory of value says that prices are most strongly correlated with the labor time needed to produce the commodity regardless of the wage rate.

    The theory that prices would increase based on wages is called the prices of production theory, in which price = (1+rate of profit)*(material cost + labor cost). It conflicts with the LTV and this conflict was actually something that troubled marx quite a bit.





  • States are not rational actors. They are composed of a massive sum of parts, whatever seeming intelligence (in the biological sense of a creature reacting to its environment) that emerges is not necessarily the result of “rationality” (which is itself a fraught concept).

    I don’t think it is wise to assume that the Israeli high command is incompetent. Certainly, if any of us were placed in their situation, we wouldn’t know how to do their jobs at all. Their actions may also be rational from their personal perspective. Deescalation of the war may even cost them their jobs. I don’t know.

    But the actions of the Israeli high command are certainly not “rational” from the perspective of the state. They are effectively playing chicken with their whole country. Their military is constantly eating losses and getting spread thin from all of these fronts. America refuses to directly intervene. And the Israeli economy is in taters.







  • Making a reserve does seem like a more sensible approach than a unified currency, but there is still the question of who issues the currency and with what rates. It seems somewhat unnecessary (given my admittedly amateur knowledge) to create a new currency.

    Setting the rates too high on the currency will stifle investment, while setting the rates too low will make using the currency unappealing. The problem is that the “ideal” rate differs depending on the profit rates in each country (which diverge significantly from each other).

    trade with one partner does not create an obligation to you since they do not gain a reserve of your own nation’s currency but of a currency acceptable to all members.

    I mean, the obligation still exists. The obligation is just to BRICS as a whole instead of one country. I guess that might be a nice benefit.




  • The graphic design of the bill is wack (complete lack of symmetry with the landmarks. Some start at the inner circle which looks nice, some start at the outer circle, like the taj mahal, which looks out of place as a result).

    But a unified brics currency is just a bad idea and replicates the problem of the euro and the usd. You should only use a united currency for an economy under a common economic plan.

    The level of inflation and interest rates on a currency that are good for a currency depends significantly upon the country. Basically, if N countries combine their currency, you go from 2N levers (interest rate and reserve requirements for each country) to just 2 levers (1 rate and 1 reserve ratio for all countries). Capitalist economies already have trouble moderating economic activity, reducing the available controls is not ideal. This is pretty much the problem the EU faces.

    A much better idea would be a unified brics payment system, with 0 foreign exchange fees and real time conversion. This would give you the benefits of a unified currency (easy cross border payments) while still allowing countries to diverge on monetary policy.



  • My logic (I don’t live in the us but for the sake of argument, let’s pretend I do) is that if a politician can commit a livestreamed genocide, and they win the election, it signals to politicians that there is no line they can cross that will make their campaign unviable.

    It would be more ideal if the Democrats could have been punished for their war mongering years ago, but you never punish your representatives for crossing even the most egregious possible line, then you truly don’t have any power over them and have fundamentally given up.

    If tommorow, even 10% of the dems indicated in polls that they would not vote for kamala because of gaza, it would force the DNC to take a stronger stance on the issue because the race is too tight. If this had happened many months ago, the Democrats could have been forced in giving concessions. But the Democrat voter base has made sure that the demmocrat party has no need to give concessions. They have used themselves as meat waves to ensure that the genocide can continue smoothly.


  • Sodium_nitride@lemmygrad.mltoScience Memes@mander.xyz...
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    23 days ago

    Some academics became liberals after having flirted with Marxism. This is relevant why exactly? I mean, I can cite many great minds who remained Marxists and even advanced the theory. Ever heard of Paul Cockshott? Alan Contrell? David Zachariah? Emanuel Farjoun?

    These guys (and some others) actually worked on Marxist economic theory and modernized it. They lived through the collapse of the USSR and remained steadfast in their beliefs. And I haven’t talked about countless other minds in anthropology, history, contemporary social studies and philosophy who have used dialectical materialism as a foundation to achieve great results.

    And so I want to emphasize something.

    every single one of them gave up and became an egalitarian.

    Is blatantly and literally false.