Date: Thu, 04 Aug 1994 13:35:07 +1000 From: Steve.Keen-AT-unsw.EDU.AU Subject: Re: replyto Phil on LTV Gene Holland wrote: I share some of your doubts about the value of the scientific defense out what I called a "critical" or historical version of the LTV, Marxism would lose its ability to identify the source of surplus-value in work, its resulting (and very accute) definition of exploitation, probably also its definition of class, its analysis and understanding (even prediction!) of cyclical crises of overproduction/underconsumption. This is too much to give up! The LTV remains "essential" -- provided we have a non-essentialist (non-empiricist, n al) understanding of it. I can't help seeing analogies between traditional marxian defences of the LTV and medieval church resistance to the Copernican concept of the cosmos. Then, as in this debate, the religious perspective was entwined with a particular theory, so much so that many of those who held to the religion thought that religion and the Ptolmaic picture of the cosmos stood or fell together. That wasn't the case then, and it isn't the case now. As I noted in an earlier post, the post-keynesian and sraffian schools do quite a good trade in surplus-based, non-subjective analyses of capitalism, without the LTV--indeed, with considerable hostility towards it. They also provide highly sophisticated analyses "of cyclical crises of overproduction/ underconsumption" (see Minsky, _Can "it" Happen Again_, for example). Cheers, Steve Keen ------------------
Display software: ArchTracker © Malgosia Askanas, 2000-2005