From: Philip Dunn (pscumnud@DIRCON.CO.UK)
Date: Mon Oct 03 2005 - 07:35:29 EDT
Hi Jerry The original attachment was a Unix file. The one here should have shorter lines. Quoting Gerald_A_Levy@MSN.COM: > Hi Phil, > > I don't accept the premise "since aggregate value must equal aggregate > labour." A small correction I wrote: Since aggregate *value* added must equal aggregate labour. If new output equals zero, then _whatever the inputs in the > form of circulating capital and labour_, the value of the new output must > equal zero. This must be the case since without any commodity product > the use-value must equal zero and hence the value must equal zero. > Agreed, the value of output (and of closing stocks) is zero. > While I don't want to take the materialization of labour too literally > and corporally, there is a physical dimension to commodity output, > whether that output is in the form of corn, etc. or services. Without > any output, there is no physical or social corpus that can represent > value. If and when the value of the output is less than the value of the > inputs in the form of C + V, this is a consequence of the risk and > uncertainty associated with the production and circulation of > capitalist commodities. Simply because labour is expended in a > productive form is not a sufficient condition for the actualization > of value. Again agreed. There no output. C'=0. > > I can see your point, though: an accountant would express such a > situation as a debit with a negative sign: i.e. on the balance sheets > this type of situation would appear as if it were "negative value." > This is not, through, primarily an accounting issue: it is a question > over what is constitutive of value. > Are you saying that use-value is constitutive of value in the sense that an invisible value tag is tied to the use-value with non-material string? And that the magnitude of value so attached is fixed for ever? That would seem to make value a property of the use-value. Philip Dunn
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