Changes

====Marx's personal economy====

====Marx's personal economy====

Marx's youthful bacchanalia seem to have been riotously expensive; while he was still a student, there emerged what was to become a dominant theme of his life: his "grotesque incompetence"<ref>Paul Johnson, ''[http://books.google.com/books?id=GTqHpZech0YC Intellectuals: From Marx and Tolstoy to Sartre and Chomsky]'' (HarperCollins, 2007) ISBN 0061253170), p. 73</ref>  in real-world economics.<ref>The word "economics" is used here in the original sense of household management, administration or stewardship. M. M. Austin and Pierre Vidal-Naquet, ''[http://books.google.com/books?id=ekqCOGr1_NAC Economic and social history of ancient Greece: an introduction]'' (University of California Press, 1980) ISBN 0520042670, p. 162</ref> On this score, the letters of Marx's long-suffering father tell a sorry tale:

Marx's youthful bacchanalia seem to have been riotously expensive; while he was still a student, there emerged what was to become a dominant theme of his life: his "grotesque incompetence"<ref>Paul Johnson, ''[http://books.google.com/books?id=GTqHpZech0YC Intellectuals: From Marx and Tolstoy to Sartre and Chomsky]'' (HarperCollins, 2007) ISBN 0061253170), p. 73</ref>  in real-world economics.<ref>The word "economics" is used here in the original sense of household management, administration or stewardship. M. M. Austin and Pierre Vidal-Naquet, ''[http://books.google.com/books?id=ekqCOGr1_NAC Economic and social history of ancient Greece: an introduction]'' (University of California Press, 1980) ISBN 0520042670, p. 162</ref> On this score, the letters of Marx's long-suffering father tell a sorry tale:

* “Your accounts, dear Karl, are... disconnected and inconclusive. If only they had been shorter and more precise, and the figures properly set out in columns, the operation would have been very simple. One expects order even from a scholar, and especially from a practical lawyer.... I enclose a money order for 50 talers...”<ref>[http://www.marxists.org/archive/marx/letters/papa/1836-fl1.htm Letter from Heinrich Marx to son Karl], 1836, in Karl Marx and Friedrich Engels, ''[http://www.marxists.org/archive/marx/works/cw/ Collected Works]'' (Moscow: Progress Publishers, 1975), [http://www.marxists.org/archive/marx/works/cw/volume01/index.htm Vol. I] (Trans. Robert Dixon), pp. 648-652</ref>

* “Your accounts, dear Karl, are... disconnected and inconclusive. If only they had been shorter and more precise, and the figures properly set out in columns, the operation would have been very simple. One expects order even from a scholar, and especially from a practical lawyer.... I enclose a money order for 50 talers [equivalent to approximately $900 today]...”<ref>[http://www.marxists.org/archive/marx/letters/papa/1836-fl1.htm Letter from Heinrich Marx to son Karl], 1836, in Karl Marx and Friedrich Engels, ''[http://www.marxists.org/archive/marx/works/cw/ Collected Works]'' (Moscow: Progress Publishers, 1975), [http://www.marxists.org/archive/marx/works/cw/volume01/index.htm Vol. I] (Trans. Robert Dixon), pp. 648-652. A Prussian taler or thaler (whence we get the word "dollar") was ~16.7 grams (about 0.6 ounces) of silver. At the current price of ~$30 per ounce, each taler would therefore be worth ~$18 today, so 50 talers would be worth ~$900.</ref>

* “I sent... 50 talers. With what you took with you, that makes 160 talers.... I am convinced that it is possible to manage with less... But no more under any condition... I enclose a draft on... the lottery office in the university building; you will get money there, as m[uch as] you need.”<ref>[http://www.marxists.org/archive/marx/letters/papa/1836-fl2.htm Letter from Heinrich Marx to son Karl], March 18, 1836, in Karl Marx and Friedrich Engels, ''[http://www.marxists.org/archive/marx/works/cw/ Collected Works]'' (Moscow: Progress Publishers, 1975), [http://www.marxists.org/archive/marx/works/cw/volume01/index.htm Vol. I] (Trans. Robert Dixon), pp. 652-653</ref>

* “I sent... 50 talers. With what you took with you, that makes 160 talers [~$2,880].... I am convinced that it is possible to manage with less... But no more under any condition... I enclose a draft on... the lottery office in the university building; you will get money there, as m[uch as] you need.”<ref>[http://www.marxists.org/archive/marx/letters/papa/1836-fl2.htm Letter from Heinrich Marx to son Karl], March 18, 1836, in Karl Marx and Friedrich Engels, ''[http://www.marxists.org/archive/marx/works/cw/ Collected Works]'' (Moscow: Progress Publishers, 1975), [http://www.marxists.org/archive/marx/works/cw/volume01/index.htm Vol. I] (Trans. Robert Dixon), pp. 652-653</ref>

* “You are receiving 100 talers herewith and, if you ask for it, you will receive the rest... You have not kept your word to me&mdash;you remember your promise... At the moment I could not send you any more. In the next few days you will probably receive 20 talers through Rabe.”<ref>[http://www.marxists.org/archive/marx/letters/papa/1836-fl3.htm Letter from Heinrich Marx to son Karl], ca. May-June 1836, in Karl Marx and Friedrich Engels, ''[http://www.marxists.org/archive/marx/works/cw/ Collected Works]'' (Moscow: Progress Publishers, 1975), [http://www.marxists.org/archive/marx/works/cw/volume01/index.htm Vol. I] (Trans. Robert Dixon), pp. 652-653</ref>

* “You are receiving 100 talers [~$1,800]herewith and, if you ask for it, you will receive the rest... You have not kept your word to me&mdash;you remember your promise... At the moment I could not send you any more. In the next few days you will probably receive 20 talers [~$360] through Rabe.”<ref>[http://www.marxists.org/archive/marx/letters/papa/1836-fl3.htm Letter from Heinrich Marx to son Karl], ca. May-June 1836, in Karl Marx and Friedrich Engels, ''[http://www.marxists.org/archive/marx/works/cw/ Collected Works]'' (Moscow: Progress Publishers, 1975), [http://www.marxists.org/archive/marx/works/cw/volume01/index.htm Vol. I] (Trans. Robert Dixon), pp. 652-653</ref>

* “Please, dear Karl, write at once, but write frankly, without reserve and truthfully. Calm me and your dear, kind mother, and we will soon forget the little monetary sacrifice.”<ref>[http://www.marxists.org/archive/marx/letters/papa/1836-fl4.htm Letter from Heinrich Marx to son Karl], July 1, 1836, in Karl Marx and Friedrich Engels, ''[http://www.marxists.org/archive/marx/works/cw/ Collected Works]'' (Moscow: Progress Publishers, 1975), [http://www.marxists.org/archive/marx/works/cw/volume01/index.htm Vol. I] (Trans. Robert Dixon), pp. 655-656</ref>

* “Please, dear Karl, write at once, but write frankly, without reserve and truthfully. Calm me and your dear, kind mother, and we will soon forget the little monetary sacrifice.”<ref>[http://www.marxists.org/archive/marx/letters/papa/1836-fl4.htm Letter from Heinrich Marx to son Karl], July 1, 1836, in Karl Marx and Friedrich Engels, ''[http://www.marxists.org/archive/marx/works/cw/ Collected Works]'' (Moscow: Progress Publishers, 1975), [http://www.marxists.org/archive/marx/works/cw/volume01/index.htm Vol. I] (Trans. Robert Dixon), pp. 655-656</ref>

* “For the time being I am sending you herewith 50 talers. You must at present be able to estimate approximately the amount you absolutely need each year, and that is what I should like to know.”<ref>[http://www.marxists.org/archive/marx/letters/papa/1836-flb1.htm Letter from Heinrich Marx to son Karl], November 9, 1836, in Karl Marx and Friedrich Engels, ''[http://www.marxists.org/archive/marx/works/cw/ Collected Works]'' (Moscow: Progress Publishers, 1975), [http://www.marxists.org/archive/marx/works/cw/volume01/index.htm Vol. I] (Trans. Robert Dixon), pp. 661-663</ref>

* “For the time being I am sending you herewith 50 talers. You must at present be able to estimate approximately the amount you absolutely need each year, and that is what I should like to know.”<ref>[http://www.marxists.org/archive/marx/letters/papa/1836-flb1.htm Letter from Heinrich Marx to son Karl], November 9, 1836, in Karl Marx and Friedrich Engels, ''[http://www.marxists.org/archive/marx/works/cw/ Collected Works]'' (Moscow: Progress Publishers, 1975), [http://www.marxists.org/archive/marx/works/cw/volume01/index.htm Vol. I] (Trans. Robert Dixon), pp. 661-663</ref>

* “Enclosed a money order for 50 talers. If you prefer me to look for a firm there to make an arrangement with you, you must tell me approximately the monthly sum I should fix for you. By now you must be able to say what it amounts to with one thing and another.”<ref>[http://www.marxists.org/archive/marx/letters/papa/1836-flb2.htm Letter from Heinrich Marx to son Karl], December 28, 1836, in Karl Marx and Friedrich Engels, ''[http://www.marxists.org/archive/marx/works/cw/ Collected Works]'' (Moscow: Progress Publishers, 1975), [http://www.marxists.org/archive/marx/works/cw/volume01/index.htm Vol. I] (Trans. Robert Dixon), pp. 663-666</ref>

* “Enclosed a money order for 50 talers. If you prefer me to look for a firm there to make an arrangement with you, you must tell me approximately the monthly sum I should fix for you. By now you must be able to say what it amounts to with one thing and another.”<ref>[http://www.marxists.org/archive/marx/letters/papa/1836-flb2.htm Letter from Heinrich Marx to son Karl], December 28, 1836, in Karl Marx and Friedrich Engels, ''[http://www.marxists.org/archive/marx/works/cw/ Collected Works]'' (Moscow: Progress Publishers, 1975), [http://www.marxists.org/archive/marx/works/cw/volume01/index.htm Vol. I] (Trans. Robert Dixon), pp. 663-666</ref>

* "As if we were men of wealth, my Herr Son disposed in one year of almost 700 talers contrary to all agreement, contrary to all usage, whereas the richest spend less than 500."<ref>[http://www.marxists.org/archive/marx/letters/papa/1837-fl7.htm Letter from Heinrich Marx to son Karl], December 9, 1837, in Karl Marx and Friedrich Engels, ''[http://www.marxists.org/archive/marx/works/cw/ Collected Works]'' (Moscow: Progress Publishers, 1975), [http://www.marxists.org/archive/marx/works/cw/volume01/index.htm Vol. I] (Trans. Robert Dixon), pp. 685-691</ref>

* "As if we were men of wealth, my Herr Son disposed in one year of almost 700 talers [~$12,600] contrary to all agreement, contrary to all usage, whereas the richest spend less than 500 [~$9,000]."<ref>[http://www.marxists.org/archive/marx/letters/papa/1837-fl7.htm Letter from Heinrich Marx to son Karl], December 9, 1837, in Karl Marx and Friedrich Engels, ''[http://www.marxists.org/archive/marx/works/cw/ Collected Works]'' (Moscow: Progress Publishers, 1975), [http://www.marxists.org/archive/marx/works/cw/volume01/index.htm Vol. I] (Trans. Robert Dixon), pp. 685-691</ref>

* "...we are now in the fourth month of the law year and you have already drawn 280 talers. I have not yet earned that much this winter."<ref>[http://www.marxists.org/archive/marx/letters/papa/1838-fl1.htm Letter from Heinrich Marx to son Karl], February 10, 1838, in Karl Marx and Friedrich Engels, ''[http://www.marxists.org/archive/marx/works/cw/ Collected Works]'' (Moscow: Progress Publishers, 1975), [http://www.marxists.org/archive/marx/works/cw/volume01/index.htm Vol. I] (Trans. Robert Dixon), pp. 691-694</ref>

* "...we are now in the fourth month of the law year and you have already drawn 280 talers [~$5,040]. I have not yet earned that much this winter."<ref>[http://www.marxists.org/archive/marx/letters/papa/1838-fl1.htm Letter from Heinrich Marx to son Karl], February 10, 1838, in Karl Marx and Friedrich Engels, ''[http://www.marxists.org/archive/marx/works/cw/ Collected Works]'' (Moscow: Progress Publishers, 1975), [http://www.marxists.org/archive/marx/works/cw/volume01/index.htm Vol. I] (Trans. Robert Dixon), pp. 691-694</ref>

If the young Marx's money woes were due to immaturity, in this regard he he never grew up. "Marx was perpetually in debt, thanks largely to a disastrous combination of traits in his own character," writes Hugh Griffith: "an incorrigible hopelessness with money, together with a refusal to stop spending when it ran out."<ref>Hugh Griffith, ''[http://books.google.com/books?id=IyD9s6VVc-wC Karl Marx & Friedrich Engels]'' (Collector's Library, 2009) ISBN 1905716737, p. 10</ref> "Marx, the economist of the proletarian class," writes economist Yuri Maltsev, "was hardly what we would call a sound financial administrator."<ref>Yuri N. Maltsev, ''[http://books.google.com/books?id=gx0X4NvNE_gC Requiem for Marx]'' (Auburn, AL: Ludwig Von Mises Institute, 1993) ISBN 1610161165, p. 101</ref> As Sowell observes:

If the young Marx's money woes were due to immaturity, in this regard he he never grew up. "Marx was perpetually in debt, thanks largely to a disastrous combination of traits in his own character," writes Hugh Griffith: "an incorrigible hopelessness with money, together with a refusal to stop spending when it ran out."<ref>Hugh Griffith, ''[http://books.google.com/books?id=IyD9s6VVc-wC Karl Marx & Friedrich Engels]'' (Collector's Library, 2009) ISBN 1905716737, p. 10</ref> "Marx, the economist of the proletarian class," writes economist Yuri Maltsev, "was hardly what we would call a sound financial administrator."<ref>Yuri N. Maltsev, ''[http://books.google.com/books?id=gx0X4NvNE_gC Requiem for Marx]'' (Auburn, AL: Ludwig Von Mises Institute, 1993) ISBN 1610161165, p. 101</ref> As Sowell observes: