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In a famous video clip from Penn and Teller's Showtime hidden camera show, diners are lured to an upscale restaurant branded as the world's first boutique vendor of bottled water. Of course, the joke is on the customers because all the water actually came from the garden hose out back, but the message was clear: People are willing to pay more for a product if they think it gives them a truly special or significant value—and if you present it to them in just the right way.
Your company is probably selling a stuff that's a lot more valuable than fancied-up hose water. Selling on value, not price, involves a balance of confidence, personal rapport, and doing your homework, and it's become more difficult as technology gives consumers greater access to price information and competitors.
We've talked with veterans of selling their value, and they share some tips on how to make your products stand out in a low-cost world. Companies don't narrow their target market, and don't understand their products likely aren't for everyone.
Farber says to do this by researching the potential client to see if they are a good candidate to meet your price needs. This saves you from wasting time talking to people who only want the cheapest deal. Sales reps that don't have that kind of aggressive focus, if they lose [the deal], their month is dead, their year is dead. Nat Kausik, CEO of Trubates, an online marketplace for adjustable local deals, says his company knows that many consumers are familiar with the nature of value-based pricing, especially after dealing with fluctuating airplane fares.
The right customers will be receptive to hearing why they should pay more for a certain product over another: That's why his site lets users review an offer after they redeem it, and makes the review available to other users.
About one-third of consumers are purely hung up on price, while the other two-thirds are open to at least hearing your argument, says Tom Reilly, an author and value-based shopping expert.
Innovators and early adopters are more likely to shell out the extra money, he says. How to Narrow Your Target Market. Once you're in the sales meeting with a potential client, you had better be ready to stiffen your backbone and wield the full weight of your company's strengths. On 11 August , the Bitcoin Foundation announced that a bug in a pseudorandom number generator within the Android operating system had been exploited to steal from wallets generated by Android apps; fixes were provided 13 August In October , Inputs.
The service was run by the operator TradeFortress. Coinchat, the associated bitcoin chat room, was taken over by a new admin. The CEO was eventually arrested and charged with embezzlement. On 3 March , Flexcoin announced it was closing its doors because of a hack attack that took place the day before. It subsequently relaunched its exchange in August and is slowly reimbursing its customers. In December , hackers stole 4, bitcoins from NiceHash a platform that allowed users to sell hashing power.
On 19 December , Yapian, a company that owns the Youbit cryptocurrency exchange in South Korea, filed for bankruptcy following a hack, the second in eight months.
In , the Cryptocurrency Legal Advocacy Group CLAG stressed the importance for taxpayers to determine whether taxes are due on a bitcoin-related transaction based on whether one has experienced a " realization event": In August , the German Finance Ministry characterized bitcoin as a unit of account ,   usable in multilateral clearing circles and subject to capital gains tax if held less than one year. On 5 December , the People's Bank of China announced in a press release regarding bitcoin regulation that whilst individuals in China are permitted to freely trade and exchange bitcoins as a commodity, it is prohibited for Chinese financial banks to operate using bitcoins or for bitcoins to be used as legal tender currency, and that entities dealing with bitcoins must track and report suspicious activity to prevent money laundering.
Bitcoin's blockchain can be loaded with arbitrary data. In researchers from RWTH Aachen University and Goethe University identified 1, files added to the blockchain, 59 of which included links to unlawful images of child exploitation, politically sensitive content, or privacy violations.
Interpol also sent out an alert in saying that "the design of the blockchain means there is the possibility of malware being injected and permanently hosted with no methods currently available to wipe this data". From Wikipedia, the free encyclopedia. Bitcoin scalability problem and List of bitcoin forks. Legality of bitcoin by country or territory. Retrieved 22 October Accessed 8 January Advances in Cryptology Proceedings of Crypto. Lecture Notes in Computer Science.
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Retrieved 19 March Retrieved on 20 April Archived from the original on 24 June Retrieved 15 August Archived from the original on 9 February Archived from the original on 9 October Retrieved 15 May Archived from the original on 29 October Retrieved 26 June Retrieved 14 October Archived from the original on 30 June Archived from the original on 1 February Archived from the original on 4 February Retrieved 3 August Retrieved 4 July Bitcoin, "a currency," can be regulated under American law".
Archived from the original on 20 October Shavers et al, 4: Retrieved 14 August Archived from the original on 1 September Archived from the original on 5 April Archived from the original on 9 January Archived from the original on 2 May Archived from the original on 28 October Retrieved 29 October Retrieved 26 December Archived from the original on 2 December Retrieved 24 November Retrieved 10 January Archived from the original on 6 January Retrieved 5 January It is a socially determined level of subsistence which evolves as productivity and social standards of consumption evolve.
Of course just as prices diverge from values, an actual wage can be above or below the value of the means of subsistence. Mostly, for Marx, the forces which cause wages to move away from this base level are class struggle and cycles of accumulation. When the rate of profit is rising and capital is expanding and hiring more workers then workers have more ability, via class struggle, to demand more wages.
When the profit rate is falling there is less surplus value available to fight over. Why does Marx theorize labor-power at its cost of reproduction? Because he wants to prove that surplus value is created through the exploitation of workers without breaking the law of equal exchange.
Previous thinkers had to tried to argue that workers were exploited in exchange. This came from the confusion of labor which creates value with labor-power the ability to work. The law of equal exchange had to be violated. This allows for theories that suggest that exploitation would disappear if markets were more fair.
Marx theorizes exploitation without breaking this theoretical rule. This he does by distinguishing labor-power, the value of reproducing the worker a commodity , with the value created by labor.
Labor-power is bought at its value but still produces surplus value. So you see it is not a prediction but a theory of the wage based on certain theoretical restrictions which allow him to identify certain essential social relations.
We could make predictions based on this, and indeed a great deal of the commodities we use everyday are made by workers living on subsistence wages, but the main point of the argument is to identify the source of surplus value and to not theorize exploitation through exchange.
So are you saying that it was a theoretical condition that he worked under? I can see how busy you must be. I find discussions which go down this road quickly deteriorate. They can be used to make predictions. Marx theorizes wages like all other commodities, at their values. Just like any other commodity there are forces that move wages above or below their value.
I have, in my last comment, outlined quite briefly what some of those forces are. You ask if the expansion of capital can cause wages to rise while productivity rises. This can happen but there are other factors at play as well, specifically the expulsion of labor from production, which cheapens the means of subsistence, and the effect of this on the reserve army of labor, which raises the supply of labor relative to demand. The ability of the rise in the mass of capital looking to be validated through hiring workers to check the fall in wages caused by rising productivity depends, obviously, on the relative strengths of these two forces.
From someone who tried and failed to get through Capital I have to have some respect for any serious Marxist scholar. What is, then, the purpose of assuming subsistence wages? In the event that capital replaces labor in a given industry, then the result is going to be either A. To reintegrate the displaced labor in the production of that capital or B.
To permanently increase the productivity of land relative to labor. By this measure, however, the reverse possibility is also likely, that capital equipment may replace land, in which case the same happens to land. Finally, capital may in fact be complementary to labor. So what is the answer here? And if the two contradict, the Marxist model must point to the specific flaws in the neoclassical model.
An identity, in the sense I use the term, is a relational law. It shows a relation between two phenomenon. In this case the relation is between the cost of producing the means of subsistence and the value of labor power. The value of labor-power is determined like any other commodity, by its cost of production.
Like any commodity the price can deviate from its value. There are many forces which drive wages below their value. There are other forces which can raise wages above their value. It is not clear to me what the problem is with this formulation. If it were a predictive law it would have to do more than explain a relation between two things. It would also need to predict that other factors would never influence the price of labor power.
But this is impossible to predict as these other factors are contingent and change over time. To the extent that we can use the relation to predict we can only do so ceteris paribus. Ceteris paribus conditions are prevalent in all economic paradigms, not just Marx. This stays true to the notion that exchange is merely a change of form, a metamorphosis of value but never a means of producing value. Unemployment has always existed in capitalism.
Why do you say that the expulsion of labor from industry due to increased productivity would cause capital reintegrate labor into the same capital? That makes no sense. And how would it cause the productivity of land to increase? Yes the growth of a reserve army does cause wages to fall. If wages fall low enough they can make capital choose to increase employment of workers instead of investing in labor-saving technology.
This is all in Marx. Re your last question: Marx lays out all of the relations of production that stand behind the wage: These relations allow us to understand the forces that determine wages. More importantly they allow us understand the social relations of capitalism. What more do you want from a theory?
Well first of all is there a need why this needs to b demonstrated? If you define the value of something as the socially necessary labor time required for its production, then of course the value of labor itself is the amount of labor required to put in to its subsistence.
You can also show that this is the rock-bottom level that wages can reach for any period of time, which can be demonstrated. Nevertheless, I see no reason why beginning here as an analytic starting point is in any way helpful. This is particularly true because in nearly all developed countries where capitalism as an institution has been practiced the longest wages are in nearly all cases far above subsistence levels.
As productivity rises it is the productivity of labor, not the subsistence floor that starts to play a more important role. Unless the manifesto was meant to be some sort of in-depth economic explanation, just as Capital is, then this was meant to be a predictive and descriptive statement.
You can argue that: Marx rescinded this in his later works, he meant it in some way other than how it is written, he was lying, or that he is wrong. Nevertheless, he clearly stated that wages on average are at subsistence.
Because I assumed that we were talking about equilibrium conditions. In order to be in equilibrium prices of outputs must equal total prices of inputs, barring the rate of interest. This means that any increase in total productivity must eventually rest on an increase in the value of land, labor, or both, because these are the original non-reproducible factors of production. So, for instance, say that the tractor is introduced, immediately replacing many workers in the agricultural sector and those making plows.
Well initially this results in a fall in wages and an increase in profits for the producers of plows, However, eventually capitalist investment results in a combination of an increase in general agricultural production, driving down prices and driving up costs of production.
If this is not true, and if an owner of a farm is making more than the rate of interest by paying his workers less wheat, then someone can make a profit by investing in that industry and closing the gap.
All this culminates into the fact that any increase in total productivity has to lead to an increase in the payouts of the original factors in their respective equilibrium conditions. This is a possibility, in which case the price of labor could theoretically fall.
The opposite example is also possible, however, with labor being used more heavily than it was before. More likely, however, is that the price of both rises.
Certainly this has tended to be the case. Classically there has been a very strong correlation between productivity and wages. All this comes down to the fact that an increasing productivity of labor-saving machinery leads to an increasing demand for the production of labor-saving machinery. A slightly different process occurs if the demand curves for goods in that industry are generally inelastic, but it results in the same thing.
My question where you asked for it is this: The purpose of economics has usually been viewed as one of two things: Either of these are nicely answered by modern economic theory.
This is fine, but if he did, then one must be able to explain why modern economics is wrong and what it is overlooking. Does subsistence mean biological survival or does it mean living in a society with a given base-line standard of living.
But, again, I think you began this conversation wanting Marx to make arguments and to wield theory in a way that is completely different to the way he actually develops ideas. But if you want to actually understand Marx you have to drop your starting assumptions. It follows in the tradition of all prior political economy that saw the value of a commodity set by the labor time required for its production, abstracting away from fluctuations in supply and demand. This abstraction from supply and demand fluctuations is just a ceteris paribus condition, a condition required for any scientific inquiry.
The neoclassical concept of equilibrium price is built around a similar ceteris paribus condition. While we are mentioning neoclassical equilibrium price one might point out that these prices certainly do not exist empirically most of the time but this does not stop neoclassical theorists from seeing some explanatory benefit in them. No Marx is not theorizing equilibrium conditions. But this is not neoclassical theory. Marx is not theorizing a hypostatized formal system.
He is drawing his abstractions straight from reality. Value is created in production. This is a temporal process of change and transformation. This leads to very different theoretical conclusions. Is this a serious question? The read the rest of it. Well but what I thought was straightforward, and the process that I was demonstrating in the quoted section, is entirely eradicated once we define subsistence as we do later in the post. If we define subsistence wages as the wage at which one can just afford those things required to stay alive, and very little or nothing more, then the relationship that I described holds strong.
However, if we change this definition to a social definition of subsistence, then the whole matter changes. No longer do subsistence wages constitute a true floor for wages.
Once again, sociologically this might be quite an important thing, but not economically. At this time subsistence was always being used in a biological, not a social manner, if I understand your meaning.
I want you to smash my every criticism into the dirt. I find that proposition far, far more pleasing than the alternative. For instance, I did not think that defining subsistence wages as the wages needed to subsist, when the closest synonym to this word is to survive, and when it had been classically used in this manner, was an unfair assumption.
This certainly sounds as though Marx is definition subsistence as biological subsistence, since if we define subsistence wages purely socially and not biologically, the amount needed to keep labourers in bare subsistence as labourers has nothing to do with subsistence.
But in order to envision the economy in any state that it is not presently in you must use imaginary counterfactual models of the economy which show us what the economy would look like under these conditions Marx most certainly does this. The neoclassicals do this to and perform the very same sort of analysis you say that Marx is doing at least the good ones do, but you can say that the bad neoclassicals fail just as the bad Marxists fail. In this way we know that under conditions of certainty and stable prices unemployment will tend towards zero, and we can show the causal mechanisms at work.
In the real world you have changing prices and uncertainty, which retain unemployment as a permanent presence in the market economy; this does not mean that there are not factors always pushing to lower the unemployment rate. Moreover, the conclusions from this analysis show that within an expanding economy there are always pressures to raise wages, but for the possible exceptions I have outlined.
In order to show why this is false the Marxists need to show what part of this analysis is incorrect. As for the unemployed dying off, if Marx seems to be claiming that the subsistence wage is just enough for the labourer to survive off of, then yes, it is an important question. Do they have savings to live off of until they get a job?
Is there a government-provided social safety net? I was under the impression Marx was talking about a perfectly free market. Are there charities and the like that are giving out food? Then read the rest of it. Thank you for the recommendations. I do not care much for this text. It is a critique of political economy that is still valid. It destroys everything that is economic science in its fundaments from the very first page of Capital until the very last page.
It destroys everything that is economic science in its fundamentals from the very first page of Capital until the very last page. This is one of the difficulties that I have when looking into Marxism is that it seems that many self-proclaimed Marxists state that Marxism is a set of fundamentally contradictory things not just in terms of its sociology, political philosophy, and so on. Is Marxism economics or is it not? I have to say that from my little knowledge of Marx he certainly thought that in Capital works he was doing economics, as, to my knowledge, do most Marxist scholars.
In Capital he seemed to go into excruciating detail writing about his own economic model and terms that I would think are not needed to critique political economy. Certainly he went to great lengths to establish economic relationships which had scarcely been considered before his work.
The Manifesto was written well before the ideas in Capital were developed, so quoting him there and then in Capital and calling what you find a contradiction is not quite true. Marxian versus Neoclassical would be a good one. From this view you could analyze not only the economy, but also the government, culture, and so on. Marketing, which is as much a cultural as economic aspect of society, can be examined by Marxian theory in much more detail.
The best proof for this is his book The Poverty of Philosophy. Another example are the pamphlets for on profit etc.. In that book he gives a little bit more detailed rationale for the supply equal demand story in volume 1. Yes, what I meant is that Marx his work cannot be classified as economics in the current meaning. There are a lot of divergences. It is a completely different paradigm but they criticize each other. You are commenting using your WordPress.
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Law of Value Production and Exchange This feedback loop could be confusing unless we remember this important principle: Demand and Supply One of the main reasons that prices deviate from values is the constant fluctuations of demand and supply.
Prices of Production Now if you really want to talk about surplus value being redistributed in exchange then you have to talk about Prices of Production. It starts with a puzzle: First we note the following two principles: Total prices equal total values. Total surplus value equals total profit. Another note on method. So we see several different factors to keep in mind when discussing price.
Conclusion We can only conclude that Marx gives a a quite robust and practical explanation of the way that commodity exchange regulates the reproduction of a capitalist division of labor and class relations.
Actually this is more like a glossary of terms and topics: Suggested Reading on Value and Price: This entry was posted in The Law of Value , Uncategorized and tagged demand , economics , marx , money , price , prices of production , profit , supply , theory , transformation problem , value.
December 27, at Nice, Neo classical economy is very pretentious. The following new book is the perfect example of this logical fallacy: March 10, at 4: December 30, at 9: December 30, at December 30, at 1: May 13, at 3: Dont prices have to diverge from value?
May 13, at 9: May 13, at May 13, at 5: Then S would be the space between the value and price. May 13, at 8: OK I have been thinking about this and I think It just hit me. The Individual vale of the commodity does not need any surplus in it whatsoever. May 14, at 5: May 14, at 4: What do you think? May 14, at 8: Ed, The final price of a commodity is not the same as the price of inputs. May 14, at Brendan, I know that value expands in the production process when it comes into contact with labor.
You cannot just look at a supply demand graph and understand prices. A real value would need to be theoretically competition proof. May 15, at Actually there is no distinction between price and value in your model If you were on the market and charging 15 for this unit. May 15, at 8: May 15, at 1: May 15, at 2: But are you just going to stand there and take that?? And when labor is employed they still expand value in the aggregate. May 15, at 5: Your numerical example reflects the misunderstanding.
March 16, at 2: March 16, at 9: Kat, Thank you for your comment. Brendan, This is what I find problematic If we look at the working day we see the worker creating a total amount of value.
And this is true But then it looks different when you analyze the individual commodity. So the true value nature of the watch in total is, a value price of 15 for you Now what are you going to price your watches at? May 16, at My models have not made any differentiation in weather it was a hour or a day you can imagine whatever you want and it is still true Like I have also not made any distinction if the means of production were robotic arms or wooden sticks and stones, because technology does not create value.
May 16, at 1: If it was real then why could I erode it away when I am competing with you? October 23, at 3: Brendan Here is what is confusing, I think, about value and price. July 3, at 2: Here are some of my complaints with what is brought up in the video: July 3, at July 4, at 3: Kapitalism, Thank you for your reply. Your entire analysis above starts with the claim that: July 4, at 9: July 4, at 2: Take your time on the other post.
July 4, at 4: July 10, at 4: July 10, at 8: July 15, at As for it not being a predictive law. Marx writes in the communist manifesto: July 20, at July 28, at 2: July 16, at 2: I will show this in future works myself.
July 16, at 8: Good luck in your endeavor.. November 9, at November 22, at Leave a Reply Cancel reply Enter your comment here Fill in your details below or click an icon to log in: Email required Address never made public.
The Fetishism of Commodities.
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