Nikolai Bukharin 1919

Economic Theory of the
Leisure Class

Source: Economic Theory of the Leisure Class by Nikolai Bukharin;
Written: 1914;
First published: in Russian in 1919;
First published: in English by International Publishers in 1927;
Transcribed: by Ted Crawford.


Preface to the Russian Edition
Preface to the American Edition

Chapter I. Methodological Foundations of the Theory of Marginal Utility and of Marxism

1. Objectivism and subjectivism in political economy
2. The historical point of view and the unhistorical point of view
3. The point of view of production, and the point of view of consumption
4. Conclusions

Chapter II. The Theory of Value

1. The importance of the problem of value
2. Subjective and objective value; definitions
3. Utility and value (subjective)
4. The measure of value and the unit of value

Chapter III. The Theory of Value (continued)

1. The theory of utility by substitution
2. The amount of marginal utility and the quantity of commodities
3. The fixing of the value of commodities in various types of consumption; Subjective exchange value; Money
4. The value of complementary goods (the Theory of Imputation)
5. The value of productive commodities. Production costs
6. Conclusions

Chapter IV. The Theory of Profit

1. The importance of the problem of distribution; Formulation of the question
2. The concept of capital; “Capital” and “profit” in the “Socialist” State
3. General description of the capitalist production

Chapter V. The Theory of Profit (continued)

1. Two causes for the overestimation of present goods

a. The difference in the relation between needs and the means for their fulfilment at various times.
b. The systematic underestimation of future goods.

2. The third cause for the overestimation of present goods; Their technical superiority.
3. The subsistence fund; The demand for present goods and the supply of such goods; The origin of profit.

Chapter VI. Conclusion

APPENDIX. The Policy of Theoretical Conciliation

1. Tugan-Baranovsky’s formula
2. Tugan-Baranovsky’s “logic”
3. Tugan-Baranovsky’s fundamental fallacy