This paper shows how Marx extended his value theory beyond a mechanistic summing up of labor values to include the effect of scarcity, financial shocks, and technical change. This theory had a subjective and an objective dimension. I demonstrate how Marx's crises theory takes account of scarcity and financial shocks and that this theory is superior to the algebraic falling profit rate theory usually attributed to Marx. I explain why Marx used the category of constant capital as an obscure indicator of scarcity because of the political influence of the Malthusians.
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