Date: Wed, 03 Aug 1994 08:36:01 +1000 From: Steve.Keen-AT-unsw.EDU.AU Subject: Re: LTV: An encore Paul argued that "If the labour theory of value is rejected, then the entirely of the classical and marxist objective approach to political economy falls in favour of a subjectivist approach. If the feasibilty of socialist economic calculation, a very closely related topic, is rejected, then there can be no coherent socialist politics." I would make two comments on this: 1) Post-Keynesian and Sraffian economics both effectively have an objectivist, not subjectivist approach, yet both reject the labor theory of value--though it can be asserted, as Marxists have, that they have no theory of value themselves. 2) My papers argue that Marx's derived his theory of value from his concepts of use-value/exchange-value, and that, properly applied, these concepts actually contradict the labor theory of value's assertion that labor-power is the only source of new value. All inputs to production are potential sources of surplus, as is implicitly argued by Post-keynesian and Sraffian economists. In other words, it is possible to reject the labor theory of value without having to adopt a subjectivist perspective. The LTV is a particular manifestation of an objective approach, not the only one. Cheers, Steve Keen ------------------
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