Who is Lao Xu's Capital of Peking University?

Political Economy: Capital under the Means of Circulation 08 _ Bili Bili _ Bili Bili

Hello, everyone, I'm Lao Xu from Peking University. Today we will continue to talk about capital.

Because it can save transaction costs, money will inevitably become the intermediary of commodity circulation, but it is obviously not a good thing that there are only real estate agents left in shops all over the street. How many intermediaries do you need for commodity circulation? The first half of circulation is the exchange of goods and money. Goods leave circulation and enter consumption, burning firewood and eating rice. The use value form of commodities has withdrawn from circulation, been consumed and disappeared, but it has been replaced by an equivalent value form and left in the world. Forty kilograms of rice was eaten by Zhang San, and the money changed into 1 was left in Li Si's wallet, which can be changed into another use value form at any time through the second half of circulation, such as four kilograms of live fish in Liu Zhao. If various commodities are sold in turn, 40 kg of rice-1 silver -4 kg of live fish-1 silver-12 kg of firewood-1 silver-10 kg of rice wine-1 silver. If these four commodities are sold in turn, as long as there is 1 silver coin, all these commodities can be circulated in turn, because it realizes their prices in turn, thus realizing the total price of four silver coins and finally staying in the hands of the brewer. Because of the separation of buying and selling, the first half of the circulation has been completed, but the second half has not yet started. For example, 40 kg of rice is replaced by 1 silver, and Liu Zhao's live fish and Zhang San's firewood are sold at the same time, the market needs additional 1 silver to meet the needs of circulation means. On the premise that the value of money remains stable, the number of circulation means depends on the total price of goods to be realized and the circulation speed of money.

Marx summed up this law as a formula:

40 kg of rice, 4 kg of live fish, firewood 12 kg, rice wine 10 kg, the total price is 4 taels of silver, and the money of the same name refers to 1 2 taels of silver. If various commodities are sold in turn, this 1 piece of silver circulates four times, and only 1 piece of silver is needed to perform the function of circulation means.

The left side of this formula represents money demand and the right side represents money supply. The left and right sides should be equal, preventing a few people from taking advantage of transactions to make profits, which is conducive to maintaining market equilibrium and maintaining economic productivity. The total price of goods is based on the total value of goods, and at the same time, money is also valuable. Paper money simulates the value of money by controlling the circulation and relying on the price of scarcity pricing, and goods and money are exchanged equally. Only the value of real new production constitutes a new demand for money. Li Si used the money earned by selling mineral water to the rich in the desert to buy a second-hand house that was already being rented at a price 50% higher than the original owner's purchase price, and then rented it out, which is called eating tiles in Beijing dialect. In this process, no new use value has been created, whether it is mineral water, money or houses, right? So no new value was created. This extra money demand, which is 50% higher than the original house price, is only the redistribution of existing value, and does not create new demand for circulation means. Our monetary policy should not be confused by this demand for counterfeit money. The prices of some existing commodities in the market have risen above the value, such as houses, and there must be other commodities whose prices have fallen below the value, such as labor goods working for the rich in the desert. At this time, we should expand the supply of goods with rising prices and make their prices return to value, instead of simply putting in watermark currency. The value of commodities circulating in the market has not increased simultaneously. What will happen to the extra money? It will definitely depreciate, so won't the rich people suffer? Therefore, they can only use the extra money in their hands to depreciate and chase houses with prices higher than their values to avoid losses. Keynes summed up three characteristics of the ideal speculative target in the General Theory: first, the holding cost is low; Second, the elasticity of supply is low, that is, it is not easy to expand supply in the short term; Third, liquidity is good, that is, it is easy to sell. China's real estate meets these three characteristics, and it won't be bad to put the house there. You don't have to pay taxes, and you can rent a little rent. There is no problem with the mobility of cities with large foreign population. It is easy to produce reinforced concrete for building houses. At present, the output of these two products in China ranks first in the world, but the employment opportunities, educational opportunities, medical facilities and transportation infrastructure related to houses are not as easy to increase output as reinforced concrete, nor as easy as printing money and lending credit, which will further deviate from the value of houses bound by employment, education and medical care that are difficult to expand in the short term. Hegang houses are 50,000 each. However, violation of the law of value will be punished sooner or later, and the price will be forced to return to value by means of collapse. Land finance is just a straw, and unreasonable loose monetary policy is soapy water. Only by combining the two can the real estate bubble be blown up. Who said that talking about Marxism is all air-to-air self-talk? Have you analyzed the problem of house price clearly? This analysis method is also easy for everyone to learn. Just remember three points: first, the price of goods is higher than the value, the buyer suffers, and the seller takes advantage. If the price of a commodity is lower than its value, the seller will suffer and the buyer will take advantage. Take advantage, lose, is exploitation, is exploitation. It is true that value determines price, but there are also many factors that make price deviate from value in reality. Second, everyone pursues different goals. Some people are chili pepper, a hot wife, and some people are liberated from human nature, but everyone can at least judge whether they suffer or take advantage based on their own goals afterwards, and everyone is unwilling to suffer. Third, if there is an opportunity to make money stably without creating value, resources will gather to it. We talked about the duality of labor in the second lecture. In many cases, useful labor can not create use value alone, but also needs to be combined with raw materials and labor tools. "Land is the mother, and labor is the father. As long as you sow, everything will bear fruit." Think about it, the production activities that really create value will shrink because of less and less resources, and this process will inevitably lead to economic crisis. The book The Old System and the Great Revolution broke out seven or eight years ago. If you hear the third point that Lao Xu just said, you think of this book, which means that you understand the third point, the old system and the Great Revolution.

If the money supply in the market is less than the demand of commodity circulation for circulation means, even if the value of money remains unchanged, the price of money will rise and the price of money will be higher than the value, which is deflation. On the other hand, if the money supply in the market is greater than the demand for means of circulation in commodity circulation, even if the value of money remains unchanged, the price of money will fall and the price of money will be lower than the value, which is inflation. Not only will commodity prices deviate from value, but also some people will suffer. If the price of money is higher than the value, the person who holds the goods will suffer, so he will sell the goods and hold the money instead, which further makes the currency in circulation scarce and the price is higher than the value. If the price of money is lower than the value, the holder of money will suffer, so he will sell money and hold goods instead, which further increases the currency in circulation and the price will be lower than the value. Therefore, both deflation and inflation tend to be self-reinforcing, and changing market expectations requires additional effective measures to expand the supply of money or commodities.

Knowing this truth, we will understand that it is a kind of witchcraft to help the disadvantaged groups and send money directly. It is the right way to improve their production capacity and let them participate in the exchange system of labor value as equally as possible. In this tough battle against poverty, the country has sent 255,000 resident teams, more than 3 million first secretaries and resident cadres to fight with nearly 2 million township cadres and 1 million village cadres in the front line of poverty alleviation. Huang Wenxiu, the daughter of Dashan, and so on1more than 800 poverty alleviation cadres have fixed their lives on the journey of poverty alleviation. It is their struggle and sacrifice that have achieved a comprehensive victory in tackling poverty. Bright red party flag has been the main battlefield of poverty alleviation. During the COVID-19 epidemic, the United States implemented unlimited quantitative easing monetary policy, which aggravated the polarization between the rich and the poor. From March 2020 to 202 1 to 10, the total wealth of American billionaires increased by $2.07 trillion, an increase of nearly 70.2%. By the third quarter of 20021,the total assets of the former 1% families in the United States reached 43.94 trillion US dollars, accounting for 32. 1% of the total social wealth, a record high, while the bottom 50% families only accounted for 2.5%. As the saying goes, "the poor will make a fortune for a while, and the assets of the rich will skyrocket."

Forty-four years after the publication of the first volume of Das Kapital, irving fisher, an economics professor at Yale University, put forward the Fisher equation named after him: M=PT/V, that is,

Western economics does not recognize the value of commodities. They think that the price is simply determined by the relationship between supply and demand, and it is worthwhile to spend 50 yuan to buy an ordinary mask at the beginning of the epidemic. When there is a famine, it is understandable to exchange two Jin of millet for a yellow flower girl, because otherwise the girl will starve to death, but she will never mention the grain hoarded in the grain dealer's warehouse. Therefore, in the view of western economics, the weighted average of all kinds of commodity prices × the number of transactions of all kinds of commodities is the total price of commodities, so the Fisher equation is exactly the same as Marx's formula in form, and I don't know why it can be named after Fisher 44 years later. Hmm. Since western economics does not recognize the value of goods, money naturally has no value, so in the view of western economics, there is no difference between investment and speculation. Speculation such as real estate speculation and currency speculation all form currency demand, and currency should be issued to meet these needs. When the circulation of money exceeds the demand for money by means of circulation, inflation will occur, which will lead to a general rise in the price level. Whether it is use value, production capacity or even speculative object, the demand side will buy up and not buy down, so it is concluded that moderate inflation is conducive to stimulating demand and thus to economic growth. This is why there are two economists, each of whom spent 500,000 yuan to make the other person eat a lump of cow dung. Neither of them made any money, but each of them ate a lump of cow dung, but the GDP increased by one million. This is just a joke, but the so-called stimulating demand, buying up and not buying down, is a small pattern of chop and change, not a big pattern of truly expanding production and effective demand. Speculation with currency is the idling of financial resources, which distorts the price signal. Moreover, Fisher equation that denies value cannot analyze the exploitation of currency holders by inflation with falling paper money prices. Friends who don't understand this can think back to those who didn't buy a house as soon as possible in the past decade or so, or those who couldn't buy a house as soon as possible because the speed of saving down payment couldn't keep up with the speed of rising house prices, or even those who were born late and couldn't buy a house earlier. If they don't keep buying houses, forget it. Later, when buying a house, they suffered a loss. Their loss is the value exploited by real estate holders. This value is so great, even they have worked hard all their lives. What big mistakes have these people made? Why do they have to pay such a big price?

Well, we have finished the value scale and circulation means of money. Next, we will talk about three other functions of money. I'm Xu from Peking University. If you like my video, please forward it more. See you next time.