297:"Marshall discussed various concepts of capital in Appendix E of his Principles of Economics, and he briefly mentioned Marx’s concept of capital, but said nothing about M-C-M′! Instead, he attributed to Marx the concept of capital as physical capital goods that are owned by private businesses, and private ownership was the pernicious aspect of capital that Marx emphasised because it encouraged class conflict. Marshall clearly did not understand Marx’s concept of capital, nor Marx’s theory of capital."
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Here M represents the initial money capital advanced to purchase means of production and labour power, C represents commodities, M′ represents the final money capital recovered through the sale of commodities, and ΔM represents the increment of money that emerges at the end of this circuit and is the
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Marx introduced his central concept of capital in
Chapter 4 of Volume I of Capital in the abbreviated form of the ‘general formula for capital’, which he expressed symbolically as:
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main purpose and the main result of the circuit. Thus capital is defined by Marx as money advanced into circulation in order to extract more money from circulation.
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Would be great to add the bibliographical info of the 1st edition, e.g. Pubhisher, location, pages, etc.
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Is this the first textbook on economics ever published in
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