Re: [OPE] devaluation and revaluation of variable capital

charles1848@sbcglobal.net

You have my deepest sympathy! The point is crucial for two problems:
1) Explaining the inevitability of crises
2) Outlining how a socialist society can authorize real investments in a 
rational way
Tacked in From Capitalism to Equality: An investigation into the laws of 
economic change
--Charles Andrews

Michael Perelman wrote:
> The most crucial step in his elaboration of the value theory is the 
> shift from
> value as a measure of the sum of the actual labor values used to 
> produce a commodity
> in the past to a new definition of value as the amount of labor that 
> would be
> required to reproduce the commodity today. In his words:
> ...
I have mentioned this idea several times on the list, but Jerry seems to 
be the only one who expressed any sympathy for it.


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