Re: Marxist economics

[Jim Jaszewski <jjazz@xxxxxxxxxxxxxxxxxxxxxx>]

On Mon, 9 Oct 1995, John R. Ernst wrote:

> Not to worry so much.  My old classmate, Khalil, is forced to use what I
> call the "embodied" labor theory of value.  In that theory, the social
> values of commodities are assumed to move harmlessly toward their
> individual values as economists hum the magic work -- "Competition."  I
> am not sure for how long they must do this for the two concepts to
> coincide quantitatively, but let me assure you they have been doing it
> for some time.

        Is this some `Strange Attractor' effect?  :>


> To get to Khalil's point, you must also assume that capital inputs
> increase faster that outputs as productivity increases.  This may be
> true as capitalism moves from manufacture to large scale industry but,
> as Marx notes, it is not true in capitalism itself.
>
> Kahlil does show, intentionally or not, that the simple way of
> intrepretating the concept of value can quickly become the source of
> stupidity.

        One of the reasons I'm not in a hurry to write any books is that I
wouldn't want to be caught publicly championing such crudity -- or is
there some silver lining I've missed here?


+=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-+
| Jim Jaszewski <jjazz@xxxxxxxxxxxxxxxxxxxxxx>     PGP Public Key available. |
| http://www.freenet.hamilton.on.ca/~ab975/Profile.html                      |
+=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-+




     --- from list marxism@xxxxxxxxxxxxxxxxxxxxxxxxxx ---

     ------------------