India has more than twice the amount of people as the uk, they should have a bigger economy. When the average quality of life in India surpasses the uk that would be cause for celebration

So until that's the case do you just say nothing? You can cheer for a runner during the race too lol

Waiting for more DLC tbh but it looks really good graphics-wise

India still has a big poverty problem knowing there economy has surpassed a small European country is not an achievement the fact that it was lower in the first place is just sad

The f*** are you on about? No s*** it was lower, it was colonized for centuries. Surpassing it's principal colonizer is most definitely an achievement. "A small European economy" nigga talking about the f***ing UK as if it was Lithuania or some s***

That’s what upsets me. We both agree that colonization was bad. I said small European country referring to the population size. A country with a small population with a bigger economy than a country with over a billion is criminal

I doubt most economies are reflective of their country's population size. If that imbalance is criminal I don't get why you're dismissive of a country that seems to be moving out of that predicament. Me I just like seeing a former colony beating a colonizer.

I get what you mean, I’m probably not worded my point the best but the whole system that lead us to this point makes me sad. When the overall quality of life of the average person in India, or a country in Africa is raised is when I will be happy

I hope this doesn't sound like a dumb question and I'm sure I'm not phrasing it completely right but are capitalism and Marxism the only frameworks for understanding production, labor, etc?

Capitalism is an economic system
Marxism is a school of thought

As far as a***yzing economics, there are a few schools, like classical economics, Marxist economics, neo-classical economics, Keynesianism, Austrian School and so on...

Marxism is an offspring of classical economics (think Adam Smith and David Ricardo). Most notably, both Marxism and classical economics have a "labor theory of value", saying that the value of commodities generally stems from how much labor is needed to make that product.

The other schools of thought reject the labor theory of value and instead use the "marginal use" theory of value. They claim value is more subjective and depends on the "marginal use case", meaning the case where you can get the most bang for your buck as a seller. Their definition basically boils down to "value is whatever people think is valuable", which is circular of course.

Thank you so much for this

"Their definition basically boils down to "value is whatever people think is valuable", which is circular of course."

Would you expand on this a bit more?

They say economic value of a product is determined by how much the market is willing to spend on the product. The price could be explained by supply and demand. What they have a hard time explaining is what happens when supply and demand are at the same level (called equilibrium) - what determines the price then? This is where they pull out the marginal use theory.

"Marginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. It states that the reason why the price of diamonds is higher than that of water, for example, owes to the greater additional satisfaction of the diamonds over the water. Thus, while the water has greater total utility, the diamond has greater marginal utility."

Thank you so much

Saving this to my notes as a launch point for whenever I'm well enough to really dive in

In addition to what @cloud_rap said, the difference in how they conceive of value is not just in how they're describing it, but also what they're describing.

Neoclassical economics look at the question of what makes somebody buy product a over product b and says that this is completely subjective and that the value of a product is equal to whatever the price is that people are willing to pay for it. Classical and Marxist economists don't deny the influence of what people subjectively value on price through supply and demand, they just think there is something deeper and constant to the value of a commodity than price, which can fluctuate a lot, in their view this would be the labor that goes into it.

You cluld say that neoclassical theory completely ignores the production process in its value theory and only looks at the moment of when it's purchased, whereas classical and Marxist economists find value to be in the production of the product, and not in how consumers make their choices given a certain income.

In my opinion the labor theory of value has a lot more merit to it since it actually explains how value is created in production and not hyperfocus on consumer behavior and then call that value.

!dream The menshevik bolshevik split, cubism style

this AI is an expert at churning out masterful pitchfork bait album covers

!dream artistic queer socialist pitchfork bait album cover

holy f***ing s***

dailymail.co.uk/news/article-11175181/Indian-navy-ditches-Cross-St-George-ensign-effort-distance-colonial-past.html

The Indian navy yesterday removed the Cross of St George from its ensign after 75 years in an effort to distance itself from its colonial past.
India's leader Narendra Modi said that the red cross was a reminder of 'slavery'.
But the move comes after his country has faced criticism for continuing its close relationship with Russia in spite of Vladimir Putin's illegal war in Ukraine.

!dream the sino soviet split, expressionist

"In my opinion the labor theory of value has a lot more merit to it since it actually explains how value is created in production and not hyperfocus on consumer behavior and then call that value."

This is really interesting to me

Thank you for all of this

How do classical and Marxist economics differ in considering how labor determines value?

Saw surprisingly reasonable comments for a Daily Mail article till I hit this gold vein

man rent is so lame

just paid that s***. Always puts me in a s***ty mood

Also f*** my landlord

Just got back to the states and there’s a letter from our power company saying they’re going to shut off our power on 9/8 if this electrical box outside which has been broken for for TWO MONTHS doesn’t get fixed. Was dated 8/23 so I was like okay surely they just went ahead and fixed this s***

Go outside and nope. So yeah literally might not have power in 3 days unless my landlord gets off their ass

And I can’t call them or the power company about it cuz it’s “Labor Day” here so they’re all closed

I requested this s*** get fixed two months ago when the trees fell on it. Took them a month to get the trees out, and they still haven’t repaired the electrical issues. Wtf man lol

!dream Althusser loving his wife