Mike L's note on labor's needs brings up another point near and dear to
my heart. According to most works on Marx, value is calculated by adding
up the labor power and constant capital. On further reflection, we cannot
make the same sort of simple minded adding up.
Abstract labor cannot be measured. Revaluations of constant capital also
prevent adding up. Marx himself offers contradictory statements. Sometimes
he sounds like he is aiming for an algebraic analysis; other times, he
indicates that value theory must be more subjective.
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 916-898-5321
E-Mail michael@ecst.csuchico.edu