Re: [OPE-L] New article at artefact

From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Wed Feb 22 2006 - 07:12:32 EST

Jurriaan Bendien wrote:

> Because this is so, many different rival theories of economic value have
> been proposed in the history of economics, and the credibility of each
> depends on their coherence and explanatory power. However, it is
> impossible
> to prove conclusively with logic that any theory of value is true and the
> others false, because of the nature of value itself, which can be
> interpreted as a subjective, intersubjective, objective,
> transformative or
> transcendent criterion/quality/relationship. So each theory is only an
> interpretation which is more or less credible or plausible. One way that
> Marx does advance the discussion is by asking "what, in the real world,
> decides the popularity of one interpretation of value over another?".
> Broadly speaking, if unemployment is low, few people believe in the
> LTV. If unemployment is high, many people believe in the LTV.

How many of these rival theories lead to predictions which can be put
to the test. If there is no empirical test on which they could be falsified
what scientific status do they have?

Paul Cockshott
Dept Computing Science
University of Glasgow

0141 330 3125

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