{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed","title":"Digital Capitalism","author":null,"edition":null,"publisher":null,"year":null,"isbn":"2021022153","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed","id":"50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed","uuid":"50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed","title":"Digital Capitalism","normalized_title":"digitalcapitalism","author":null,"edition":null,"publisher":null,"year":null,"isbn":"2021022153","isbns":["2021022153","9781032119182","9781032119205","9781003222149","2405518376"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":343,"navigation_url":"https://workshop.closeclaw.top/ai/book/50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed","title_url":"https://workshop.closeclaw.top/ai/title/Digital%20Capitalism","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed","page_url":"https://workshop.closeclaw.top/api/ai/books/50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed/page","search_url":"https://workshop.closeclaw.top/api/ai/books/50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed/search"},"page":{"printed_page":281,"pdf_page":295,"physical_index":295,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"7b832ffb9cce223b5f46c29aff6f4f5c941c147dc0fa91651d7af1b662fe0136"},"chapter":"DIGITAL CAPITALISM","content":"The TSSI is a version of Marxian value theory. It assumes a dynamic character of accumulation. It has been created by a group of economists around Andrew Kliman and Alan Freeman. Some of the basic insights of this interpretation are:\n\n• Marx’s theory is not erroneous or inconsistent. It does not require a correction or revision with external assumptions, but is in itself consistent.\n\n• Claims that Marx’s theory is inconsistent or erroneous often serve the purpose to suggested that it should not be used today and that its political implications are wrong. The consequential assumption of such approaches is that capitalism and class should not be abolished.\n\n• Critics of Marx’s theory often either argue that his theory of the tendency of the rate of profit to fall, the labour theory of value, or his solution to the transformation problem (the transformation of labour values into prices) are false and therefore invalidate his theory.\n\n• The TSSI shows that all three aspects are internally consistent on the grounds of Marx’s theory.\n\n• The TSSI assumes the existence of a single-system of labour values and prices. Values and prices are not seen as being independent, but standing in a relationship to each other. The monetary expression of labour-time (MELT) is a variable that can be calculated for an economic system and that allows the transformation of labour values (calculated in hours) into prices (calculated in monetary units) and vice-versa.\n\n• The TSSI is temporal because it assumes a dynamic character of the capitalist economy. This means that the outputs of one time period (typically one full year) act as inputs into and influence the outputs of the next time period. This means that the total hours worked during one period of time create means of production that are typically used during the next period of time. One therefore does not have to assume that the values and prices of the economic inputs have to equal those of the outputs during a certain period of time.\n\nAlan Freeman (2010, 592) argues that the price of a commodity “at time t1 must be equal to the sale price at time t0” (Freeman 2010, 592), that is there is a connection between output and input prices of one production period and the next. “In each period, new prices are established in circulation on the basis of the values arising thus from the immediately preceding phase of production” (Freeman 1998, 11). The TSSI also assumes, as Marx did, that commodities do not necessarily sell at their value, but can be sold above or below their value:\n\nChapter Twelve | The Information Economy\n\n281\n\nThe Information Industry and Marx’s Labour Theory of Value","previous_page":280,"next_page":282}