File spoon-archives/marxism-thaxis.archive/marxism-thaxis_1996/96-10-29.043, message 79


Date: Sun, 27 Oct 1996 09:52:31 -0500
Subject: Re: Re: M-TH: value theory and intuitive expla


At 12:46 AM 10/27/96, shmage-AT-pipeline.com wrote:

>"The challenge for the value theorist is to
>explain what reference to value adds."

>One of the things that value "adds" is the conceptual understanding of
>*capital* as an economic, quantitatively determined, category.  For Marx,
>capital is accumulated "dead" labor.  The most crucial economic category,
>the rate of profit, is shown by Marx to depend on the *quantitative*
>relationship between the *aggregate* of this accumulated past labor and the
>*aggregate* living labor set in motion by it.  No non-Marxian theory has
>even come close to a satisfactory concept of capital--most try to dissolve
>it entirely into the fantastical notion of "discounted present value of the
>future income stream that will be derived from the capital assets."  To
>quote the very best of non-adherents to the labor theory of value, Joan
>Robinson:
>
>"The evaluation of a stock of capital goods is the most perplexing point in
>the whole of the analysis which we have undertaken. Indeed in reality it is
>insoluble in principle." (The Accumulation of Capital, p.117).

Well, yeah, but you still can't use value theory to put a number on
capital, can you?

Doug

--

Doug Henwood
Left Business Observer
250 W 85 St
New York NY 10024-3217
USA
+1-212-874-4020 voice
+1-212-874-3137 fax
email: <dhenwood-AT-panix.com>
web: <http://www.panix.com/~dhenwood/LBO_home.html>




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