aramos@aramos.bo wrote:
>
> But if we analyse the substance of value, labor-time, it is
> difficult for me to understand. If in 1996 it was necessary
> 100 hours to produce 1 Kilo of coffee, and in 1997 this is
> reduced to 90 hours, I cannot see how the labor spent in
> 1996 (which is the REAL and IRREVERSIBLE SOCIAL cost of
> coffee in that year) can be retroactively modified,
> reduced.
For Marx, value does not equal the cost of production, but the cost of
reproduction. The reproduction costs have fallen, therefore so too does
the value of the 1996 vintage coffee.
-- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 916-898-5321 E-Mail michael@ecst.csuchico.edu