[OPE-L:4559] Re: Vintages

Gerald Lev (glevy@pratt.edu)
Thu, 27 Mar 1997 05:02:14 -0800 (PST)

[ show plain text ]

Alan wrote in [OPE-L:4557]:

> The initial question was: can labour from different time-
> periods (vintages) add different amounts of value?

Yes. What is understood as socially necessary labour time can change over
time [and regionally and internationally].

> In my view the value of output is given
> prior to its sale (and I think we all agree on that, no?).

No. [Sn] labor time spent in production only becomes value _fully_ after
realization. Of course, we can *assume* [depending on the subject and
the level of abstraction] that the value of output is given and will be
realized, but let's be clear that is an assumption [which would have to
be dropped at a later point].

In solidarity, Jerry