On Oct 06, 1996 12:25:19, 'Gerald Levy <glevy@pratt.edu>' wrote:
>John wrote in [OPE:3290]:
>
>> Given that we are forced to deal with the path of the money rate
>> of profit, we have to consider our hypothetical economy as it
>> moves through time. <snip>
>> When Marx considers
>> the manner in which innovation and the production of relative
>> surplus value takes place, he gives us the concepts of "social
>> value" and "individual value" to show why the capitalists think
>> that innovations which are ultimately harmful appear in their
>> self-interests. (See Vol. I, Ch 12 ) <snip>
>> Within the two views we are discussing, we
>> should be explicit about the role of social value as we
>> attempt to examine the paths of the money rates of profit
>> through time.
>
>Given the assumptions that were accepted by both Andrew and Duncan in the
>case of the 1-sector "hypothetical" model under consideration, how is it
>possible to view the difference between individual value and social value?
>
>In Solidarity,
>
>Jerry
>
Both Andrew and Duncan agree that output prices drop in the 2nd period such
that the commodities are sold at their individual values. I'm suggesting
that
it is difficult to get beyond that period if these price decreases are seen
by
the capitalists. If everyone is assuming that the price decreases are
not apparent to them and the prices at which the commodities actually sell
are greater than the ones we see, then my comment can be readily
ignored. If that is not the case, all of us including Andrew and Duncan
need to be a bit clearer on what we are doing and, perhaps, devise some
way
acceptable to all to include "social values."
John