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Mike:
If we don't measure values, how do we know if the rate of surplus value is
rising or falling?
How do we know if the organic composition of capital is rising or falling?
How do we know the extent to which the technical composition of capital is
different from the organic composition of capital?
How do know if the rise in unproductive labor has become a drain on the
accumulation of capital?
How do we know if, over a series of years, there is a tendency for the
equalization of the rate of profit?
How do we know the difference between the value rate of profit and the
money rate of profit? Between the rate of surplus value and the rate of
growth?
Granted, none of these questions will ever be answered with 1000recision.
But, the empirical work that has been done on these issues represents a
major step forward for Marxian economics. Fred Moseley, Anwar Shaikh, Ahmet
Tonak, and others have really done a tremendous job. My only complaint is
that there are too few Marxists interested in empirical work, rather any
problems with the precision of the work.
peace, patrick
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