| This question <76|76> overall <70|72> Maine: <424|142-9>. |
| Question 148: Do you know of other phenomena in capitalism which seem to be the result of “magic”? |
| [71] Maine: phenomena in capitalism In an attempt to answer this question, I reflected on Karl Marx's emphasis on the complexity of the notion of “commodity”. Given how obscure the idea of commodity is, it is hard to identify how it is related to certain phenomena in capitalism. “Commodity”, as we know, is explained using Use Value and Exchange Value. Marx finds the Exchange Value the most difficult to understand and to explain. Marx begins by saying how “commodity” appears to be a simple concept. However, Marx clarifies by saying that the underlying nature of “commodity” is quite complex. The properties of a commodity act as a channel for social relations; however, this is not apparent to those handling the commodity. It has an independent life, and we appear to have no control over the commodity. Without capitalism, the commodity would not thrive as it does. |
| Capitalism is full of phenomena which can only be explained by “magic”. |
| Hans refers to some of these phenomena: In his opinion, this includes the power of money to purchase everything; sudden financial crises and break-downs of economic growth; inflation; unemployment; the tendency of wealth to concentrate rather than to dissipate; people's over-attachment to things. |
| In my opinion, this magical element would apply to the government's budget. Why are they spending all that money on questionable allocations? What pressures and elements have figured in determining the expenditure? What is their rational? |
| I find the stock market another magical power. Some authorities predict it will act one way, some authorities predict the opposite. Yet some stocks seem to have an independent life and respond to no rationale. Our economy responds to the trails of this market. How are values assigned to stocks? There is some reasonable explanation to some of the machinations of the market; one company is buying out another, and so the values of those two companies become inflated. Some companies produce a positive gain for a certain period, and that is reflected in their stock. But other stocks so up and down, seemingly responding to no pressure, no positive action, or negative impact. To me it appears magical. |
| I find the property values in Dallas inexplicable. Dallas is a community much larger than Salt Lake City, with a lot more money than Salt Lake City. However, I have been told that homes are more expensive in Salt Lake City than in Dallas. How can this be so? Is there any reason for this? Why would property have a higher Use Value and Exchange Value in Utah than in Texas? |
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