On Sun, 5 Apr 2009, Dave Zachariah wrote:
> Allin Cottrell wrote:
> >
> > (As "every fule know" labour commanded differs
> > systematically from labour embodied if the rate of exploitation is
> > positive. Moreover, under conditions of short-run supply/demand
> > disequilibrium, labour commanded can differ to an arbitrary extent
> > from labour embodied.)
>
> After the publication of Capital, vol.1, it would perhaps be more
> appropriate to follow what Philip Dunn wrote and explicitly distinguish
> between 'labour power commanded' (which is what Smith implied) and
> living 'labour commanded' as the average amount of labour content a
> given sum of money can appropriate on the market.
I take the point, but I think Philip had it the wrong way round.
Price(x)/wage gives you the 'living labour commanded' by commodity
x, while price(x)/MELT gives you (average) dead labour commanded.
> In the latter one speak of deviations between 'labour embodied' and
> 'labour commanded' that arise from supply-demand mismatches etc.
OK.
Allin Cottrell
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Received on Sun Apr 5 13:43:23 2009
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