[OPE-L] monetary macro interpretation

[Rakesh Bhandari <bhandari@xxxxxxxxxxxx>]

Title: monetary macro interpretation

Fred, I found this description of Lexis' interpretation on the web. Don't know whether it's an accurate summary of Lexis. But how does the idea below relate to your interpretation. It seems more macro than yours? There is a movement from an irreducibly macro level to the micro level. Seems intriguing to me.

Rakesh

from http://william-king.www.drexel.edu/top/prin/txt/marx/marx9.html

Lexis' idea is that the concepts of surplus-value and rate of exploitation be applied to the working class as a whole. There is then no difference in the organic composition of capital to worry about -- the organic composition of capital to use in the computation is the composition for the entire capitalist economic system. That determines the rate of profit, which then determines the "values in exchange."