Duncan asked: So in what sense might you "go wrong"? I reply: in the determination of the krs for each of the five branches. Yours, Rakesh >Duncan writes [#4099] > >> It seems to me that the temporalist claim has to rest >> on an indirect argument that it is consistent with some of the >> conclusions Marx drew (the conservation of total value, constant >> capital, and the profit rate in the movement from the embodied labor >> accounting to price accounting) rather than on direct evidence. The >> problem with trying to establish an interpretation through an >> indirect argument of this kind is that there might be some different >> interpretation that also preserves those conclusions. > > This is a fair point in itself, but there don't seem to be many >rivals for this distinction. > ... > >> "As the price of production of a commodity can diverge from its >> value, so the cost price of a commodity, in which the price of >> production of other commodities is involved can also stand above or >> below the portion of its total value that is formed by the value of >> the means of production going into it. It is necessary to bear in >> mind this modified significance of the cost price, and therefore to >> bear in mind too that if the cost price of a commodity is equated >> with the value of the means of production used up in producing it, it >> is always possible to go wrong." >> >> I find it very difficult to reconcile this kind of language with the >> idea that Marx made no distinction between the labor embodied in the >> constant capital and the money value of the constant capital at >> prices of production. >> > Marx's comment here seems to say no more than "be careful about >which -- of cost price and value of means of production used up -- you >identify as being the value of the inputs" (and by implication "choose the >cost price", according to Fred and TSSers). > > Julian -- Duncan K. Foley Leo Model Professor Department of Economics Graduate Faculty New School University 65 Fifth Avenue New York, NY 10003 (212)-229-5906 messages: (212)-229-5717 fax: (212)-229-5724 e-mail: foleyd@cepa.newschool.edu alternate: foleyd@newschool.edu webpage: http://cepa.newschool.edu/~foleyd
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