In reply to Michael Perelman's ope-l 4612:
I think you are still confusing the actual amount of abstract labor-time
expended, which is measurable in the manner I have already outlined, with the
amount of value created by means of the expenditure of that labor-time.
This may all seem like nitpicky stuff, but all these minute distinctions are
actually necessary in order to make sense of Marx's text, and to show why,
where, and how interpretations in which value is created in exchange, and/or
labor becomes abstract in exchange, go wrong.
For more on this, I'd recommend "The Duality of Labor," the paper which Ted
and I presented at the last EEA.
Andrew Kliman