Date: Tue, 13 Feb 1996 14:02:00 -0700 From: Lisa Rogers <eqwq.lrogers-AT-state.ut.us> Subject: Lisa's summaries of E.K.Hunt I am enjoying this class on the 'history of economic thought' very much. I like it that it is taught and the text is written from a left point of view [not just liberal]. I'm glad that I had read some Marx beforehand, because all of this stuff is adding to my understanding of Marx and current issues / debates. All of these 'classical economists' and previous history were a big part of what Marx was studying in the library as he was writing Capital. The language and concepts, the state of the debate of his time was the context in which he was acting, responding, critiquing and replying. Like every other great thinker, Marx worked in no vacuum, and did nothing entirely from scratch. Also, Bentham, Say and Senior for instance had a line that is essentially unchanged among conservatives to this day! Exchange is always voluntary, so both parties agree to it, so it always makes them both happier, so markets always meet human wants, blah, blah, blah. Nothing new! It's the same ol' same ol'. I'm not sure if it's necessarily true that the subjectivist utilitarianists "presumed that each person is an isolated individual, not highly influenced by social context." According to Hunt, utility theorists thought that it was the division of labor [in part] that both isolated people and required the market as a way to relate people to each other, at least in terms of obtaining the material means of life. Yet they did also explicitly claim that humans are by nature competitive and egoistic. I expect that few if anybody claims either extreme, that people are just completely malleable or that they are born already finished, neither the blank slate nor a ball bearing. The debates are all in the midst of that, as to which trait are malleable, in what way, to what degree, etc. I still see every literal lifeform as an evolved and active being, seeking growth, survival, reproduction, etc, among other things. Developmental / behavioral change during one's lifetime is a 'response' to material circumstance, not a random response determined _only_ by the nature of that environment, but likely an attempt at actively 'adaptive' response. I'm curious, Chris, how _you_ would "*relate* the utility of the individual article to the sum total of all the labour-produced value of society." It probably didn't occur to the utilitarians to try to do so. They certainly fail to explain why people want different things at the scale of difference that you describe, perhaps partly because they did not even try to do so. An essential feature of utilitarianism is the claim that pleasures are _not_ co-measurable, not comparable. Hence, Bentham's aphorism, 'pushpin is as good as poetry.' [Pushpin was a popular working class parlor game, poetry an occupation of the wealthy.] Bentham equated pleasure = preference = utility, so tea has great utility to one who likes it and none to one who hates it. He claimed that in principle one could compare _quantities_ of pleasure, but in reality of course this is impossible. This is one of the reasons why it is totally contradictory to claim that every exchange increases utility / pleasure for both parties. The Utils claim that 'if it were not true, then the parties would not have agreed to the exchange', but the obvious reply is that the parties were not nec. equally "free" to refuse the "exchange", especially when we are talking about "exchanging labor for wages"!! But that's Hunt Ch.7, on Thompson and Hodgskin, anarcho / market / socialists of the 1820's. But Chris, what's your idea on why some people prefer peerages to tea parties? BTW, has anybody seen all three parts of Ch.6 summary yet? I posted part 3 twice already, but some posts still seem to be disappearing into the cybervoid... Lisa >>> Chris, London <100423.2040-AT-compuserve.com> 2/10/96, 02:03pm >>> Hi Lisa, I appreciated your summaries from EK Hunt, which brought out many points. Including why they had some plausibility. I just wanted to add - The psychology alleged by these writers as being inherent in human nature, of course presumed that each person is an isolated individual, not highly influenced by social context. Furthermore their concept of utility fails to *relate* the utility of the individual article to the sum total of all the labour-produced value of society. So ironically it fails to explain why one bourgeois family would want to drink in front of their friends a warm brown infusion of leaves from old Cathay in fine Wedgewood cups whose exteriors simultaneously alluded elegantly to ancient Greece, while another bourgeois family would want to buy a peerage. Chris B London. --- from list marxism-AT-lists.village.virginia.edu --- --- from list marxism-AT-lists.village.virginia.edu --- ------------------
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