---------- Forwarded message ---------- From: Steve Keen <s.keen@uws.edu.au> Date: Mon, 28 May 2001 09:30:11 +1000 Subject: Re: [OPE-L:5665] de-bunking the de-bunk (re VFT)? Sorry for the slow reply Jerry. No, I won't move VFT from chapter 13 to chapter 14. I see most of these elements of VFT as sidesteps of the essential problems in LTV marxism, just as I see the Sonnenshein-Mantel-Debreu conditions as sidesteps of the essential problems in the neoclassical theory of consumption. Cheers, Steve At 02:53 AM 5/26/01 Saturday, you wrote: >Re Chris's [5662]: > >A question for Steve K: > >Reuten-Williams in _Value-Form and the State_ and elsewhere have >developed a theory in which (amongst other things): > >* the theory is limited in scope to the analysis of capitalism (thus I >interpreted Chris's most recent post to mean that the "infinite >regression critique" does not touch VFT since VFT, unlike some variants >of LET, does not conceptualize value as a trans-historical concept); > >* there is a relation (an identity?) between value and money that >is not the case with (most) LETs; > >* labour power is not a commodity (on this point Ajit and R-W >agree); > >* the money commodity is relegated to understanding a historically- >specific period of capitalism and is in no way viewed as "essential" >for capitalism. > >QUESTION: Given the above, is there anything at all of significance >left of the "Debunking" critique that applies to VFT? > >(NB: issues, including the 'transformation problem', that concern >the quantitative dimensions of Marx's theory of value are not >applicable to VFT given their understanding of the relation of >value and money.) > >Perhaps you could post a "correction" on your WWW site and place >VFT in the last chapter of the 2nd edition (assuming that there >wil be a 2nd edition)? > >In solidarity, Jerry Home Page: http://www.debunking-economics.com http://bus.uws.edu.au/steve-keen/ http://www.stevekeen.net Dr. Steve Keen Senior Lecturer Economics & Finance Campbelltown, Building 11 Room 30, School of Economics and Finance UNIVERSITY WESTERN SYDNEY LOCKED BAG 1797 PENRITH SOUTH DC NSW 1797 Australia s.keen@uws.edu.au 61 2 4620-3016 Fax 61 2 4626-6683 Home 02 9558-8018 Mobile 0409 716 088
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