Re: Re: LOV and LTV

[Michael Perelman <michael@xxxxxxxxxxxxxxxxx>]

Chris, Marx puts the dynamism in, in part, by saying that value represents
the cost of REPRODUCTION, not production.  This is a key element in his
analysis of the devalorization of capital.

Chris Burford wrote:

> At 06/02/02 20:10 -0800, you wrote:
> >This definition of course does not capture the systemic and dynamic
> >features which Chris B is attempting to build into his definition.
>
> "The law of value of commodities ultimately determines how much of its
> disposable working-time society can expend on each particular class of
> commodities."
>
> V  Vol I  Ch 14    Sec 4
>
> And how could Marx define the "absolute general law of capitalist
> accumulation" in the way he does in Ch XXV if his theory of value was not
> a) dynamic
> b )systemic?
>
> Mine is not an overimaginative reading of the overall thrust of Marx's
> approach, (although unimaginative readings of Marx's theory are more than
> possible).
>
> Chris Burford

--

Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael@xxxxxxxxxxxxxxxxx