By Karl Marx
The "forgotten" moment quantity of Capital, Marx's world-shaking research of economics, politics, and historical past, includes the very important dialogue of commodity, the cornerstone to Marx's theories.
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Additional info for Capital: A Critique of Political Economy, Volume 2 (UK Edition)
This dualism had its roots in Greek philosophy, and it came to dominate our view of the world during the Enlightenment. The philosophers of the Enlightenment put their faith in reason. Reason was supposed to work like a searchlight, illuminating a reality that lay there, passively awaiting discovery. The active role that reason can play in shaping reality was largely left out of the account. In other words, the Enlightenment failed to recognize reflexivity. This resulted in a distorted view of reality, but one that was appropriate to the age when it was formulated.
It follows that if a piece of knowledge has proved useful, we are liable to overexploit it and extend it to areas where it no longer applies, so that it becomes a fallacy. That is what happened to the Enlightenment. The dichotomy between reason and reality worked very well for the study of natural phenomena, but it was misleading in the study of human affairs. Fertile fallacies are, in other branches of history, the equivalent of bubbles in financial markets.
When I see a bubble forming I rush in to buy, adding fuel to the fire. That is not irrational. And that is why we need regulators to counteract the market when a bubble is threatening to grow too big; we cannot rely on market participants, however well informed and rational they are. B ubbles are not the only form in which reflexivity manifests itself. They are just the most dramatic and the most directly opposed to the efficient market hypothesis; so they do deserve special attention. But reflexivity can take many other forms.