From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Mon Jun 19 2006 - 17:28:10 EDT
I agree that for both you and Sraffa the money wage does not buy the whole product, but that sraffas calculation of value is equivalent to ricardos, whereas your definition of value gives the labour commanded by a commodity : one of Smith's two definitions. -----Original Message----- From: OPE-L [mailto:OPE-L@SUS.CSUCHICO.EDU] On Behalf Of Ian Wright Sent: 18 June 2006 01:09 To: OPE-L@SUS.CSUCHICO.EDU Subject: Re: [OPE-L] workers' consumption and capitalists' consumption Hi Paul > The point is that Smith had an ambiguity between defining the value > of corn as the labour required to produce corn or the labour commanded > by corn. If there is no 'profit of stock' then the two are the same, > but clearly in an economy with capitalist exploitation they differ. No. Simplifying, exploitation is unpaid labour-time: the money wage isn't sufficient to buy the whole net product. An equality in equilibrium between labour-embodied and labour-commanded doesn't imply that workers can buy the whole net product. In Sraffa's surplus representation and its circular flow representation the money wage only covers workers' consumption. Best wishes, -Ian.
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