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FRB(アメリカ連邦準備制度)の赤字(2025Q2まで)

以前「 FRB(アメリカ連邦準備制度)の赤字 」について 2025Q2 まで更新されたので、グラフを延長する。データ、出所などの説明は以前の記事を参照。 FRBの利息収入( 青い破線 )は2022からほぼ同水準で変動しているが、利息費用( 緑二重線 )が2023Q3から徐々に減少している。それ以外に債権(国債など)と債務(当座預金)の額を考慮する必要があるが、ここでは省略している。財務省への送金前の純所得( 赤い線 )の赤字はかなり縮小してきた。2025Q2も前期比べてわずかだか赤字は縮小し、銀行業資本として正常な状態に戻りつつあるといえる。 なお、用語の対応は、 総利息収入Total interest income、 総利息費用 Total interest expense 財務省への送金前の純所得 Reserve Bank and consolidated variable interest entities net loss before providing remittances to the Treasury 損失の場合は、 Reserve Bank and consolidated variable interest entity net loss before providing remittances to the Treasury   準備預金への利子率 Interest rate on reserve balances (IORB rate)

Abstract: Change in Differential and Absolute Rent as an Extension of Marx’s Theory of Ground Rent to Knowledge

 


Recently, knowledge has become more important than ever in the modern capitalist economy. Both knowledge and land are non-reproducible production conditions that generate surplus value, which is then converted into rent. Marx formulated a rent theory encompassing Differential Rent I (DR1), Differential3000 Rent II (DR2), Absolute Rent (AR), and Monopoly Rent. Subsequently, Unoist scholars have logically reconstructed this rent theory beyond Marx’s textual interpretations. However, the primary focus of these theories is on land and agriculture. These theories of rent must be refined by considering the similarities and differences between land and knowledge. Recent Unoist scholars in Japanese Marxian economics refer to this shared characteristic as “the original powers of nature.” 

Here, we present a method for analyzing Differential Rent (DR) and AR in land and knowledge. Each plot of land is fundamentally distinct; therefore, additional capital investments across various plots produce only minor variations. Since the worst plot contributes a minor proportion, the regulating condition of production consists of the worst additional investments on various superior plots. Consequently, only DR2 exists, whereas DR1 does not. AR exists so long as the landowner restricts the land’s use until DR2 reaches a threshold deemed as the minimum rent. Contrary to land, identical knowledge can be applied concurrently to multiple objects. Additionally, a piece of knowledge must be substantially distinct from others to be protected as intellectual property. The owner artificially and legally imposes restrictions on knowledge, which are not determined by nature.

Furthermore, assuming a class division between capitalists and knowledge owners, like landowners, the knowledge owner aims to have all capitalists in the sector rent the knowledge. Therefore, the knowledge owner permits its use in exchange for AR. Thus, only AR exists in the realm of knowledge, whereas DR is absent. Paradoxically, the premise of the traditional rent theory applies more to knowledge than to land. We anticipate that the concept of “the original powers of nature” and the variations in rent between and knowledge will serve as the foundation for more sophisticated analyses of knowledge in the contemporary capitalist economy.


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