Are we missing the mark by trying for so much quantative precision about
value?
Value is the set of social relations that binds agents together as they
interact in the market. These value relations replace the direct command
of the slave owner or the authority of the feudal lord.
Although these relations appear to be "just" in classical pol. economy,
Marx tries to make clear what is going on.
On the most abstract level, he can show profit comes from the sale of
labor power at its value. Then the presentation takes more complexity
into account.
Now we are trying to nail the system down to the 8th decimal point. Do we
value constant capital at the beginning of the production period, at the end?
Or why not at the moment the capitalist decides what the price will be?
I find these questions interesting, but then I ask myself what difference the
answer would make. Would it have any political consequences? Or are we just
trying to set out a world that we can model as an end in itself?
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 916-898-5321
E-Mail michael@ecst.csuchico.edu