Re John's [6379]: > In one of those internet searches, > I found 4 references to "law of value" > in Vol. 1: (Pelican Edition) > Chap 7 p294 Interestingly, the reference above is to the "general law of value". > Chap 11 p421 Mentioned in the context of a discussion of classical economics. > Chap 17 p662 "If the intensity of labour were to increase simultaneously and equally in every branch of industry, then the new and higher degree of intensity would become the normal social degree of intensity, and would therefore cease to count as an extensive magnitude. But even so, the intensity of labour would still be different in different countries and would MODIFY THE APPLICATION OF THE LAW OF VALUE TO THE WORKING DAYS OF DIFFERENT NATIONS. The more intensive working day of one nation would be represented by a greater sum of money than the less intensive day of another nation" (661-2, emphasis added, JELL). > Chap 22 p702 "But the law of value is yet more MODIFIED IN ITS INTERNATIONAL APPLICATION BY THE FACT THAT, ON THE WORLD MARKET, NATIONAL LABOUR WHICH IS MORE PRODUCTIVE ALSO COUNTS AS MORE INTENSIVE, as long as the more productive nation is not compelled by competition to lower the selling price of its commodities to the level of their value" (emphasis added, JL). In the next paragraph, Marx goes on to mention INTERNATIONAL VALUES, the RELATIVE VALUE OF MONEY and international differences in nominal (and real) WAGES. The first sentence in that paragraph reads, "In proportion as capitalist production is developed in a country, so, in the same proportion, do the national intensity and productivity of labour there rise above the international level". The footnote at the end of that sentence reads: "We shall inquire, in ANOTHER place, what circumstances in relation to productivity may MODIFY THIS LAW for individual branches of production" (emphasis again added, JL). Marx doesn't indicate exactly what that other 'place' is. * How, then, is the 'general law of value' modified by world markets? In solidarity, Jerry
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