Capital is a fake term

Joan Robinson and the Theory of Capital

 In a succinct 25 pages without use of mathematics, Robinson demonstrated that it cannot be proved that an increase in wages results in labour becoming more expensive compared to capital (while not difficult, the algebra of the proof is tedious). The explanation of this apparently paradoxical conclusion is straight-forward. In an integrated production system, increases in wages can increase or decrease the value of the economy’s capital (machinery and equipment) depending on the labour cost of special capital equipment.

John Weeks write about this theory of capital which, in essence says: Capital is an intermediate variable which cancels out.

True.  The idea of capital was invented by Karl Marx who needed the contrast with labor to prove that Godot will arrive some day.   The battle between labor and 'capital' needs the dialectic so a winner can be presumed at the point of equilibrium.

Karl was the dumber of the Marx brothers, evidently. But his fake caught on with the 'This time is different crowd' and even today we still have the same crowd waiting for Godot.  This idea has carried on through Keynes and Krugman and now Sanders.

AOC is taking her voters through the same scam and the results will not be pretty when Godot fails to arrive.