[Fitzy]

What are the 2nd and 3rd volumes about? Are they worth reading?

[praxicoide]

Yes they are.

It might be argued that though you get the nucleus of the argument on volume one, the deliberate considerations on the order of presentation mean that the fuller presentation of the capitalist "picture" begin to emerge with volumes 2 and 3, as they deal not with a single capital in general, but with more than one capital (still in general). There is therefore a transit from the a more abstract to a more concrete presentation of the mechanics of capitalism that is sadly left unfinished (less clear, but more advanced proposals are found in Grundrisse and - I hear- in his later manuscripts).

Volume 2 talks about circulation and it might be relevant for the distinction between productive vs unproductive labor (according to some, crucial to understand class consciousness and strategic alliances)

Volume 3 has a lot of "macroeconomic" considerations that are especially important, as they relate to class struggle and capitalist development, such as the average rate of profit among all branches and the tendency for this rate to fall.

If you've read volume one, then go ahead with the rest, although you might get more from reading Grundrisse, I guess that's up for debate.

[paulcockshott]

Both volumes are very important. The second is the hardest to read, probably because it was the least ready for final publication, nonetheless the analysis of the reproduction process of the total social capital there is essential to understanding how the whole capitalist economy works. Having read that book you should then look at Kalecki's Theory of Economic Dynamics which uses the basic reproduction scheme insights to understand recessions and the business cycle.

Volume 3 is important to understand topics like

-- the distribution of surplus value between different classes
-- the laws governing rent
-- the falling rate of profit
-- relationship between interest bearing and productive capital
-- the conceptual basis for modes of production