Re: [OPE-L] questions on the interpretation of labour values

From: Jerry Levy (Gerald_A_Levy@MSN.COM)
Date: Wed Mar 21 2007 - 09:55:40 EDT

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> In my view, the crucial point is the determination of the total
> surplus-value prior to its division into individual parts, for which
> there is very substantial evidence, which I have presented in several
> papers.

Hi Fred:

Let's look at what *you* mean here by "determination".   According
to your *macro* perspective:

M =  C + V

where the quantity of M is given.

This is not "determination": M does not "determine" C + V above;
M is simply *assumed* to equal C + V.

Since you have a *macro* theory, you have to  stipulate
what proportion  M is of the total supply of money in the system.
This you have not done.

You are also implicitly assuming, btw, that capitalist class unproductive
consumption equals -0-  for the period t - 1.

In solidarity, Jerry

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