Date: Sat, 14 Mar 98 8:12:27 EST
From: boddhisatva <kbevans-AT-panix.com>
Subject: Re: M-TH: Value, probabilism and determinism







		C. Burford,



	Nice to be hearing from you again.  I appreciate your post.  I
don't object to the LTV as such, except that I think it is a troubled
metaphor based on a fallacy of "reproduction".  Of course thousands of
years ago people's work product mirrored labor time closely, most people
worked with their hands producing for a scarce goods market.  The machine
age of broad, even global markets has changed that.  Now very atomized and
interdependent producers spend vast sums of money hoping to produce large
quantities for very large markets with high implicit, if not actual
competition (In other words a competitor *could* come along and either
push you out of the market or force you to spend lots of money fending off
the challenge. Moreover investment bankers and credit markets imperil
managements who let their capitals under-produce). 



	That means that we cannot look at the economy from a
"reproduction"  standpoint.  We have to ask how socialism will be funded
rather than assuming socialism will be distributed.  Socialism will have
to deal with *financial* risk.  People can't be paid in embodied labor.
Forced, planned exchange makes no sense.  A money-less economy is an
excellent goal, but we will have to get there from here on a sound
financial basis. 





	peace




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