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A reply to Jerry's OPE-L 1934.
I had noted that my paper "Determination of Value in Marx and in
Bortkiewiczian Theory" (posted as OPE-L:1374-1381) constitutes
inter alia "a response to Jerry's recent comment that no one has
shown that Marx held that value is 'conserved' intertemporally."
Jerry seems to disagree that my paper addresses the "conservation"
issue. That is because he construes the issue as a question about
"whether aggregate value *could be diminished* in some way other
than use."
My paper does not deal with that question. But in the renewed
debate on value theory, "conservation of value" has a broader
meaning. In 1997, for instance, For instance, Dumenil and Levy
wrote a paper entitled "The Conservation of Value: A rejoinder to
Alan Freeman." They, and Freeman, used the term conservation to
refer to the notion that the sum of value needed to be advanced
for means of production is conserved by being transferred to the
product. This is what my paper addresses. It shows that,
according to Marx's theory, value is conserved in this sense.
Andrew Kliman
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