ABSTRACT

This chapter describes Karl Marx's treatment of mineral extraction; and considers his position regarding Henry Carey's argument for increasing return on the extensive margin. While Marx does distinguish between mining and the extractive industries, it is clear that this distinction in no way relates to whether there is any antagonism between present and future production. The reasons which Marx gives for the existence of increasing return on the extensive margin in agriculture are clearly similar to those offered by Henry Carey. Although Marx makes no advance in relation to the development of the mainstream literature of the economics of mineral extraction, the question may still be asked as to whether any significant inference can be drawn from his treatment of mines and of the extractive industries. However, Marx's emphasis was upon the conditions of labour in the mine and in Capital only scant reference is made to the principles of the economics of mining and to the rent of mines.