PEN-L message, Re: query

By the way, the quote from Marx isn’t really a critique of the “labor theory of value.” If we escape a commodity-producing society such as capitalism, the “LTV” doesn’t apply. And the second bit (about exchange value) is sloppy, which is no surprise since the Grundrisse is a very rough draft. Even _in_ the LTV, exchange value isn’t the measure of use-value.

Jim Devine, e-mail: jdevine@xxxxxxx
web: http://myweb.lmu.edu/jdevine/

Eugene Coyle writes:

Jim,

A good and serious question, something I have been wondering about for years. I await Pen-L's wisdom.

Incidentally, I hope to post later today about a Sasha Lilley interview on Against the Grain with Jonathan Nitzen who makes a strong frontal attack on the labor theory of value. Stand by.

Gene Coyle

Devine, James wrote:

Someone quoted Marx:

>>As soon as labour in the direct form has ceased to be the great
well-spring of wealth, labour time ceases and must
cease to be its measure, and hence exchange value must
cease to be the measure of use value.'<<

In the context of the Grundrisse, is Marx referring to a tendency that actually is realized -- or may someday be realized -- under capitalism?

It seems to me that there exist counter-tendencies under capitalism that would prevent this from happening in practice.