Archive for 'Organic composition of capital'
Some random thoughts on Marx, absolute rent and the mining industry
Posted by John, March 2nd, 2015 - under Karl Marx, Marx, Minerals Resource Rent Tax, Mining, Mining companies, Mining taxes, Organic composition of capital.
Tags: Absolute rent
Comments: none
Absolute rent has caused great debate and controversy among left wing writers. Is it actually two concepts – monopoly rent and absolute rent, or just absolute rent arising from the low level of say capital investment in agriculture? [12] I adopt David Harvey’s approach, of distinguishing between absolute rent and monopoly rent. [13] Others, like Faysil Yachir, argue that despite a very high OCC in the mining industry there can still be absolute rent because of monopoly.[14] The two, as I have outlined above are different, but related, a matter which I hope becomes clearer when we work through the differences between State and Territory absolute rents such as royalties and Commonwealth monopoly rents in the form of rent taxes.