[OPE-L:2016] Re: Determination of Value

From: Gerald Levy (glevy@pratt.edu)
Date: Mon Jan 03 2000 - 17:17:45 EST

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Re Andrew K's [OPE-L:2013]:

> 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.

Thanks. I had completely forgotten about Gerard & Dominiques's paper --
even though I read it at the time.

Now that I have it in front of me, I see a number of objections by them
concerning the value conservation principle including the claim that it
is "based on an inappropriate analogy with physics" and that it negates
the possibility of a net destruction of capital values during crises.
If I understand you correctly now, you are claiming that part of your
recent paper included inter alia an answer to Section 2.3 ("Marx and the
Value Conservation Principle"). Is that correct?

Could you give me the reference for Alan's answer to this paper?

In solidarity, Jerry

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