Re: [OPE] Mastering Marxian Economics

From: Dave Zachariah (
Date: Mon Jul 28 2008 - 05:00:55 EDT

Philip Dunn wrote:
> I hold, however, that the expression 'value of labour-power' is as
> irrational as the expression 'the value of labour'.

I wouldn't say that it is irrational. But I think the way "VLP" is used 
by Jerry leads to a weak theory. Rather I'd distinguish:

    (a) the labour-value of the real wage
    (b) the total labour (social *and* domestic) necessary to reproduce
    the capacity to work

I think that given Marx's demonstration of exploitation under equivalent 
exchange it is best to call (a) the "value of labour-power", since it 
was "labour-power" as a historically specific commodity that was his 
theoretical invention. Whereas (b) is a more general and historically 
invariant concept.

//Dave Z

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