Date: Tue, 01 Aug 1995 22:49:22 +1000 From: P8475423-AT-vmsuser.acsu.unsw.EDU.AU Subject: Re: use-value/Sweezy Rakesh makes some observations on my employment of the dialectic of the commodity to critique the labor theory of value, one relating to whether Marx was legitimate to confine his analysis to the use- value of labor-power, and the other whether the value enhancing role of machinery is to increase the value extraction from labor-power, rather than regarding it as a source in its own right. Unfortunately, I don't think it wise to respond. Experience with trying to conduct such debates by email has convinced me of the futility of such an exercise. All past debates have eventually reached a point of acrimony, and I have no wish to do so with Rakesh--or anybody else. The one point I will respond to is his comments on Sweezy. I don't deny that Sweezy did make some very important contributions to political economy--ranging from his "kinked demand curve" to his analysis with Baran of monopoly capital. But his contribution to value theory was, academically speaking, remonstrable, as Rosdolsky observed. My research has simply shown that Sweezy's contribution was even worse than Rosdolsky thought. For those who are not familiar with Rosdolsky's work, he pointed out that Hilferding's comment that "`use-value, lies outside the domain of political economy'".(pp. 73-74, quoting Hilferding, p 130.), was a misinterpretation of Marx, by comparing it to the full statement in the *Contribution*: "To be a use-value is evidently a necessary pre-requisite of the commodity, but it is immaterial to the use-value whether it is a commodity. Use-value as such, since it is independent of the determinate economic form, lies outside the sphere of investigation of political economy. *It belongs in this sphere only when it is itself a determinate form*".(*Contribution*, p. 28. Emphasis added.) Rosdolsky concludes that "It must be conceded that the original differs considerably from the copy, and that Hilferding's arbitrary reproduction of these sentences is tantamount to a clumsy distortion of Marx's real view."(Rosdolsky, p. 74.) He argued that Sweezy popularised this view of Hilferding's, and comments that to continue this distortion was "even less forgivable [than Hilferding's], as not only did he have access to the *Theories of Surplus Value*, but also the *Marginal Notes on A.Wagner*, where Marx discusses the role of use-value in his economic theory in great detail". (Rosdolsky, p. 75.) There Marx states: "Only a vir obscurus, who has not understood a word of Capital could conclude: Because Marx dismisses all the German professional twaddle on "use value" in general in a footnote on "use value" in the first edition of Capital and refers the reader who would like to know something about real use value to "manuals dealing with merchandise" (Contribution, p 28) therefore use value plays no role for him..." (Rosdolsky pp. 75-76; Wagner, pp. 198-199) Leaving off a following sentence which significantly alters the meaning of the preceding paragraph is bad enough scholarship. But as I establish in "The misinterpretation of Marx's theory of value", Sweezy went one better, and actually omitted sentences from within a paragraph supposedly quoted from Marx--one of which would directly have contradicted Sweezy's proposition that use-value played no role in political economy. He also quoted from Wagner in support of his non-dialectical interpretation of Marx's theory of value, with the quotes being surrounded by strident denunciations of anyone who thought that use-value played no role in Marx's thinking. The relevant passages are: Marx according to Sweezy: "`Every condition of the problem is satisfied, while the laws that regulate the exchange of commodities, have been in no way violated. For the capitalist as buyer paid for each commodity, for the spindle, and the labour power, its full value. He sells his yarn ... at its exact value. Yet for all that he withdraws ... more from circulation than he originally threw into it.'"(Footnote: (Footnote: Ibid, p. 61, supposedly citing *Capital*, Volume I, p. 217.) Marx as it is writ, with the sentences omitted by Sweezy marked by asterisks: "Every condition of the problem is satisfied, while the laws that regulate the exchange of commodities, have been in no way violated. **Equivalent has been exchanged for equivalent.* For the capitalist as buyer paid for each commodity, for the cotton, the spindle and the labour power, its full value. **He then did what is done by every purchaser of commodities; he consumed their use-value. The consumption of the labour power, which was also the process of producing commodities, resulted in 20lbs of yarn, having a value of 30 shillings. The capitalist, formerly a buyer, now returns to market as a seller, of commodities.* He sells his yarn at eighteenpence, which is its exact value. Yet for all that he withdraws 3 shillings more from circulation than he originally threw into it."(Capital I, p. 189. The reference Sweezy gives is to p. 217 of the 1933 Charles H. Kerr and Company Chicago edition of *Capital*; in my reference (the Progress Publishers Moscow 1956 edition) it occurs on p. 189. I checked the Charles Kerr edition, and the text is identical to the Progress Press edition.) Sweezy's excuse to me for leaving the four sentences out was "The rationale was the usual one for omitting material from quoted matter, i.e., that it is irrelevant to the point being made" (personal correspondence). That excuse sits poorly against the facts that (a) he acknowledged the omission of the trivial "eighteenpence, which is" and "3 shillings" by epillets (...) above, but not the omission of 4 entire sentences; (b), one of those sentences, far from being "irrelevant to the point being made", contradicts what was a major point of Sweezy's interpretation of Marx, that use-value plays no role in Marx's analysis beyond being a pre-requisite to exchange: "He [the capitalist purchaser of labor-power] then did what is done by every purchaser of commodities; he consumed their use-value." Similarly, Sweezy made two quotes from Wagner. His second quote from *Wagner* is a discussion of Marx's method.(in a footnote to p. 28.) The excerpt he quotes is sandwiched between the satirical comment on Wagner that "and this same Wagner places me among the people according to whom `use-value' is to be completely `dismissed' `from science'"(*Wagner*, pp. 197-98.), and the comment that "only an obscurantist, who has not understood a word of *Capital*, can conclude: Because Marx, in a note to the first edition of *Capital*, overthrows all the German professorial twaddle on `use-value' in general, and refers readers who want to know something about actual use-value to `commercial guides',-- therefore, *use-value* does not play any role in his work...".(pp. 198-99.) The first comment precedes Sweezy's excerpt by two short sentences, the latter follows it by half a paragraph. It is inconceivable that Sweezy could have missed these statements; the best which can be said of his scholarship here is that he simply ignored them. So while I'm willing to give Sweezy his due for contributions to other areas of political economy, I'm not about to accredit him as an authority on Marx's theory of value. Cheers, Steve Keen --- from list marxism-AT-lists.village.virginia.edu --- ------------------
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