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: Here's one way of answering: the validity of the "fundamental Marxian
: theorem", which asserts the logical equivalence of positive rate of
profit
: (in real or monetary units) and positive rate of exploitation (in labor
: units) does not depend one way or another on the proposition that labor
: "regulates" prices. Viewed from this angle, this significance of
surplus
: labor for the existence of profit is logically independent of the
latter
: hypothesis. Gil
But the FMT does not hold in general. Extremely restrictive postulates
are employed -- strictly positive physical surpluses of everything at
every monent, or exactly equal rates of profit everywhere at every
moment. The FMT collapses when these assumptions are relaxed. So
simultaneous valuation implies that surplus labor isn't necessary or
sufficient for profit to exist in the real world.
I've been going around for a couple of years now demonstrating this. No
disproof has come from the physicalist camp. No retraction either. Same
old dogmatism.
Andrew Kliman
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