[OPE-L:5676] Re: de-bunking the de-bunk (re VFT)? (fwd)

[glevy@xxxxxxxxx]

---------- Forwarded message ----------
From: Steve Keen <s.keen@xxxxxxxxxx>
Date: Mon, 28 May 2001 09:30:11 +1000
Subject: Re: [OPE-L:5665] de-bunking the de-bunk (re VFT)?

Sorry for the slow reply Jerry.

No, I won't move VFT from chapter 13 to chapter 14. I see most of these
elements of VFT as sidesteps of the essential problems in LTV marxism, just
as I see the Sonnenshein-Mantel-Debreu conditions as sidesteps of the
essential problems in the neoclassical theory of consumption.

Cheers,
Steve
At 02:53 AM 5/26/01 Saturday, you wrote:
>Re Chris's [5662]:
>
>A question for Steve K:
>
>Reuten-Williams in _Value-Form and the State_ and elsewhere have
>developed a theory in which (amongst other things):
>
>* the theory is limited in scope to the analysis of capitalism (thus  I
>interpreted Chris's most recent post to mean that the "infinite
>regression critique"  does not touch VFT since VFT, unlike some variants
>of LET, does not conceptualize value as a trans-historical concept);
>
>* there is a relation (an identity?) between value and money that
>is not the case with (most) LETs;
>
>* labour power is not a commodity (on this point Ajit and R-W
>agree);
>
>* the money commodity is relegated to understanding a historically-
>specific period of capitalism and is in no way viewed as "essential"
>for capitalism.
>
>QUESTION: Given the above, is there anything at all of significance
>left of the "Debunking" critique that applies to VFT?
>
>(NB: issues, including the 'transformation problem', that concern
>the quantitative dimensions of Marx's theory of value are not
>applicable to VFT given their understanding of the relation of
>value and money.)
>
>Perhaps you could post a "correction" on your WWW site and place
>VFT in the last chapter of the 2nd edition (assuming that there
>wil be a 2nd edition)?
>
>In solidarity, Jerry

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