From: Fred Moseley (fmoseley@MTHOLYOKE.EDU)
Date: Sun Jan 29 2006 - 10:45:42 EST
Hi again Ian, some quick response to your questions below. On Fri, 27 Jan 2006, Ian Wright wrote: > OK. > > How do you determine the value of money? Please see my previous message and attached papers. > Do you think Marx was right to try and quantitatively match value > accounting and price accounting in order to demonstrate that the law > of value did not contradict the law of uniform profit? yes, absolutely, and I think he did so correctly, without "errors". > Of the three kinds of reaction to the TP I mentioned -- (i) deny a > premiss, (ii) drop a price-value conservation claim, (iii) change > Marx's value theory -- where would you situate your: I would rephrase (i): argue that Marx's analytical framework was entirely different from Sraffa's linear production theory, the latter of which takes physical quantities as the initial givens. Marx's theory is about the production of MORE MONEY by means of MONEY and LABOR (i.e. the "transformation of money into capital"), not the production of commodities by means of physical use-values. Comradely, Fred
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