The Law of Value and the Actual Mechanisms of Capial Accumulation

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1. In the Western academia, there has been fervent controversies on the theories of value and capital accumulation since 1970s. The controversies are related to the revival of the Western Marxian Economics and the actual difficulties of capital accumulation in our age. This research internded to contribute to the contemporary controversial issues on the theories of value and accumulation from the view of Japanese Uno theories. The achievements are going to be published in English.2. As for the value theory, distinction between the forms and the substance of value turned out quite important in solving the theoretical confusions in the transformation problem, and the issues on skilled labour and joint-products. At the same time, the research showed some new insights into the contents of the law of value, such as the fundamental equality of human ability to work, and the basic flexibility in surplus-labour in the process of reproduction. Together with a positive solution of the transformation problem, these theroretical insights would deepen the general understanding of the law of value.3. The working of the law of value actually appears through the dynamic process of capital accumulation in the form of business cycles. Upon the basis of the capitalist law of population resulting from the logical process of capital accumulation, an excess capital theory of regular business cycles and crises is presented in this research, by examining the different features of the working of the law of value in different phases of business cycles. Then, the metamorphoses of business cycles and the long wave theories were argued, considering their relevancy to the contemporary great depression.