From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Tue Sep 20 2005 - 10:40:42 EDT
Philip Dunn wrote: > > > For many reasons. Andrew Kliman's paper "Simultaneous Valuation vs. the > Exploitation Theory of Profit", especially section 3, argues that, > although a > semi-positive physical net product is a sufficient condition for > reproduction, > it by no means necessary. > It depends what you mean by reproduction clearly. You can have reproduction on a diminished scale without such a physical net product. > I am not troubled even if the physical net product is all negative. The > value of > output will exceed the value of inputs in aggregate because the labour time > equivalent of aggregate money value added is positive. If 1 million clock > hours are worked then aggregate money value added is 1 million hours. > Embodied > labour value added is also 1 million hours since aggregate money value > added is > its equivalent. > If there is no physical net product, then no rational capitalists would engage in production, since they would be better off to just hold onto stocks and sell them speculatively. Without a physical net product, the act of 'production' is an act of destruction. -- Paul Cockshott Dept Computing Science University of Glasgow 0141 330 3125
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