[OPE-L:2225] Re: Re: Re: value-form theories

From: Michael J Williams (michael@williamsmj.screaming.net)
Date: Wed Jan 19 2000 - 07:25:53 EST

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A quick further response to Riccardo:
----- Original Message -----
From: riccardo bellofiore <bellofio@cisi.unito.it>
To: <ope-l@galaxy.csuchico.edu>
Sent: Wednesday, January 19, 2000 9:17 AM
Subject: [OPE-L:2218] Re: : value-form theories

>I have argued that Marx tried an
>argument about value where money is the form of value and labour is its
>substance. The latter in Marx must be measurable in hours (as Marx said in
>the last version he revised, the French one) - and, in some meaningful
>theoretical sense, must be measurable before exchange. In Marx's argument,
>however, actual value comes into being in exchange, so any argument who
>says that abstract labour is fully constituted before exchange is plainly

Right-on to this last.

But as to what comes before, it is only the material-technical aspect of the
labour process that is, abstractly abstractly (sic) and indeed approximately
quantifiable in person-hours. If anything is the 'substance' of value (and I
have already indicating my scepticism about 'substance talk' in this
context) it is abstract labour - that has only a social existence and
therefore only a social measure.

>At the same time, I think that VFT radicalised a (correct) Rubin's argument
>which in the end destroys Marx, and which breaks with Rubin himself. My
>point of view is based on the idea, to put it briefly, that the key problem
>in Marx is not in the transformation of value into prices, but rather in
>the theory of money. What should be done is to develop an argument which
>allows to maintain the labour theory of value in a theoretical setting
>where the theory of money is not based on a money-commodity, either in the
>first or in the last instance

I hope to get back to this 'over-radicalisation' thesis later. But as I see
it, VFT does indeed provide an attempt at what you are seeking in this last

Comradely greetings,

Dr Michael Williams
Economics and Social Sciences
De Montfort University
Milton Keynes
fax: 0870 133 1147
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