CLASSICAL AND NEOCLASSICAL INTERPRETATIONS OF INVESTMENT ACTIVITIES IN THE STRUCTURE OF REPRODUCTION

Аннотация

the article is devoted to the role of investments in the system of the reproduction process in the theories of classical and neoclassical schools . Classical political economists have a holistic vision of the construction of a socio-economic system, including the system of social reproduction. Limited by the rigid framework of equivalent exchange, they proceed from the principle of the impossibility of obtaining additional income through speculative operations. Neoclassical theories were less critical ofthe importanceof trade inobtaining profit. Key words:sphere of production,reproduction, investment,absolute rent, capital. Classical political economists have a holistic vision of the construction of a socio-economic system, including the system of social reproduction. Limited by the rigid framework of equivalent exchange, they proceed from the principle of the impossibility of obtaining additional income through speculative operations. If one of the sellers gains from the exchange, this simultaneously means that the buyer suffers certain losses, since buyers and sellers easily change roles, then within the framework of the entire society there will be equality in the form of equivalent exchange, which does not allow for the receipt of excess funds in the sphere of circulation. The only source of additional income remains the sphere of production, in which thedriving factor is labor1. The concentration of both industrial and financial capital by the end of the 19th century led to some contradictions in the studies of the classics of political economy, based on the principle of equivalence of exchange. Thus, K. Marx in the third volume of Capital, discussing the nature of rental income, in particular , absolute rent, believes that its origin is connected with the monopolyofprivate property in land plots. Absolute rent is interpreted by him as a part of the real value, as a monopoly premium, not connected with the process of industrial production, but being a product of normative-value judgments of participants in market relations. This once again emphasizes that K. Marx goes beyond the framework of the study of competitive economy, which is based on the principle of equivalence of exchange. His study of the false social value of financial capital does not fit into the paradigm of the labor theory of value. Money, performing the traditional role of an intermediary in the exchange of goods, begins to acquire more and more independence, the financial segment isseparated from thereal sector. Representatives of neoclassical theory were less critical of the importance of trade in obtaining profit. They believed that it can be mutually beneficial, but not equivalent in the traditional sense of this definition, which allows the parties to the transaction to gain a gain due to a higher subjective assessment of the acquired good compared to the one given. The famous Austrian economist O. Böhm-Bawerk believed that the price formed on the market is the price at which the consumer will be able to purchase this good in the future, but since this future is uncertain, 1M.M.Mukhammedov.,N.A.Kamilova//Economictheory/textbook.Samarkand2023pp.288-289. page1727 INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE ISSN:2692-5206,ImpactFactor:12,23 AmericanAcademicpublishers,volume05,issue06,2025 Journal: https://www.academicpublishers.org/journals/index.php/ijai it is necessary to constantly revise the assessment of the good. Changing the assessment of futuregoods leads to constant fluctuations inthe prices ofcapital goods. Within the framework of the positive theory of capital, O. Böhm-Bawerk understands the latter as a set of monetary resources, “productively used for roundabout methods of increasing the quantity of goods in the future, which can take such forms as commercial, industrial and loan capital” 2. It should be noted that Böhm-Bawerk estimates the marginal utility of goods available in the current period much higher than the marginal utility of the future volume of goods. From his point of view, the refusal to consume goods at the present moment must be compensated bya certain reward 3. The investment process described by O. Böhm-Bawerk clearly demonstrates that the ideas of researchers of the late 19th century are based on fundamentally different approaches, according to which the consumption sphere is given a leading role, including in the process of forming investment sources. Authors increasingly argue that capital as a stock category and investments as a flow category should be determined not bythe cost method, but by assessing future income, which is most clearly demonstrated in the works of I. Fisher. He is confident that income is the excess of cash flow over the initially available stock. The key form of income is interest, which permeates all economic relations, acting as a link between the present and the future. The main incentive for investment is the difference between the rate of income and the market intere