Karl Marx's magnum opus, Das Kapital, presents an analysis of the long run dynamics of a mature capitalist economy. The analysis is conducted at two primary levels of abstraction - "capital in general" (where competition between individual capitals is abstracted from) and "many capitals" (where...

We emphasize the importance of competition and of the distribution of capital between sectors in the analysis of the transformation of values in production price. It is generally admitted that the fundamental Marxist equalities (the sum of prices is equal to the sum of values and the sum of the...