“There is, in short, no 'spatial fix' that can contain the contradictions of capitalism in the long run.”

Source: The Limits To Capital (2006 VERSO Edition), Chapter 13, Crisis In The Space Economy Of Capitalism, p. 442

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David Harvey37

British anthropologist 1935

Sydney J. Harris (1917–1986) American journalist

Reader’s Digest (May 1979)

“No fixed capital can yield any revenue but by means of a circulating capital.”

Adam Smith (1723–1790) Scottish moral philosopher and political economist

Source: (1776), Book II, Chapter I, p. 311.

“[Shorter variant:] In the short run, the market is a voting machine but in the long run, it is a weighing machine.”

Benjamin Graham (1894–1976) American investor

Quoted and attributed to Graham in Warren Buffett's 1993 letter to investors. https://www.berkshirehathaway.com/letters/1993.html<br>The statement is not found in any of Graham's publications or lecture transcripts, and when asked, Buffett could not provide a reference. https://www.bogleheads.org/forum/viewtopic.php?t=77840 <br class="br">Disputed

“Perpetual revolutions in technology can mean the devaluation of fixed capital on an extensive scale.”

David Harvey (1935) British anthropologist

Source: The Limits To Capital (2006 VERSO Edition), Chapter 8, Fixed capital, p. 221

“In the long run, the oppressor is also a victim. In the short run (and so far, human history has consisted only of short runs), the victims, themselves desperate and tainted with the culture that oppresses them, turn on other victims.”

Howard Zinn book A People's History of the United States

Source: A People's History of the United States

“Modern macroeconomics flourished in its pursuit of the secrets of long-run economic growth, but it neglected short-run economic problems. In the long run, prices are flexible, and the growth of the economy is determined by the growth in the ability to supply goods and services. But in the short run prices are not flexible. Growth can be held back because prices are too high and, as a result, demand is too low. Keynes made his name by analyzing short-run problems caused by the stickiness or even rigidity of some important prices. But these Keynesian ideas were abandoned by modern macroeconomics.”

Peter Temin (1937) American economist

Why Keynes is Important Today (2014)

“As a beast of toil an ox is fixed capital. If he is eaten, he no longer functions as an instrument of labour, nor as fixed capital either.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

Vol. II, Ch. VIII, p. 163.
(Buch II) (1893)

“"Rationalism" is a historical concept that contains within itself a world of contradictions.”

Max Weber book The Protestant Ethic and the Spirit of Capitalism

Source: The Protestant Ethic and the Spirit of Capitalism (1905; 1920), Ch. 2 : The "Spirit" of Capitalism

“In the short-run, the market is a voting machine - reflecting a voter-registration test that requires only money, not intelligence or emotional stability - but in the long-run, the market is a weighing machine.”

Benjamin Graham (1894–1976) American investor

Disputed

“The development of fixed capital indicates in still another respect the degree of development of wealth generally, or of capital…”

Karl Marx book Grundrisse

Notebook VII, The Chapter on Capital, pp. 628–629.
Grundrisse (1857/58)
Context: The development of fixed capital indicates in still another respect the degree of development of wealth generally, or of capital…
The creation of a large quantity of disposable time apart from necessary labour time for society generally and each of its members (i. e. room for the development of the individuals’ full productive forces, hence those of society also), this creation of not-labour time appears in the stage of capital, as of all earlier ones, as not-labour time, free time, for a few. What capital adds is that it increases the surplus labour time of the mass by all the means of art and science, because its wealth consists directly in the appropriation of surplus labour time; since value directly its purpose, not use value. It is thus, despite itself, instrumental in creating the means of social disposable time, in order to reduce labour time for the whole society to a diminishing minimum, and thus to free everyone’s time for their own development. But its tendency always, on the one side, to create disposable time, on the other, to convert it into surplus labour...
The mass of workers must themselves appropriate their own surplus labour. Once they have done so – and disposable time thereby ceases to have an antithetical existence – then, on one side, necessary labour time will be measured by the needs of the social individual, and, on the other, the development of the power of social production will grow so rapidly that, even though production is now calculated for the wealth of all, disposable time will grow for all. For real wealth is the developed productive power of all individuals. The measure of wealth is then not any longer, in any way, labour time, but rather disposable time. Labour time as the measure of value posits wealth itself as founded on poverty, and disposable time as existing in and because of the antithesis to surplus labour time; or, the positing of an individual’s entire time as labour time, and his degradation therefore to mere worker, subsumption under labour. The most developed machinery thus forces the worker to work longer than the savage does, or than he himself did with the simplest, crudest tools.

“There is, in short, no 'spatial fix' that can contain the contradictions of capitalism in the long run.”

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