From: Christopher Arthur (cjarthur@waitrose.com)
Date: Wed Nov 27 2002 - 12:01:08 EST
Re: Michael's [OPE-L:8065] AB> I would very be interested to see how you would theorise the > magnitudes of wages and profits etc. My view is that this requires > the LTV. ME "The first step is to learn to see that the measure of abstract use or abstract labour as it is practically brought about by universal commodity exchange is not time, but money itself, which mediates commodity exchange. That is, the measure itself is brought about by the abstract social relation." Hi Michael! Surely you must know the basic truth of capitalist society "Time is Money"! Why? Because your M in simple circulation has the form of measure but no real determinate immanent dimension. But we know that what circulates are capitalistically produced goods. How would competing capitals measure their Cs? M is no good, because K is interested only in delta M, but moreover not that alone but the fact that between M and Mprime is an interval during which K is tied up. So Capitals must be compensated for their toil and trouble i.e. the time for which they are tied up wrestling with matter. Money IS time. Or more precisely value is crystalised time, the Dasein of its Becoming, or essentially 'that which has become', which must bear regular proportions to the time of their becoming for capital to persist with them. Chris PS I will comment on substance when I have more time (!) 17 Bristol Road, Brighton, BN2 1AP, England
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