From: Christopher Arthur (cjarthur@waitrose.com)
Date: Thu Oct 17 2002 - 12:04:07 EDT
>Re Chris's [7811]: > >How would _you_ explain the equalization of the rate of profit >sans the concepts of individual and social value? > I am not sure what the question is (I keep social value which is the only value). For a given industry there would empirically always be a range of profit rates (see Geert R on the shifting spectrum) and the interesting question is which would reflect social value - on that see my reply to Allin. On the ideal GRP across the economy I have nothing to add to Marx's account respecting a transfer of value via production price. The industry 'value's again defined as in my reply to Allin. >In solidarity, Jerry > >PS: wasn't it redundant for Marx to refer to "the equalization of >the general rate of profit"? I.e. if there is _a_ *general* rate of >profit then doesn't that mean of necessity that rates of profit have >been equalized? True Chris >----------------------------------------------------------------- > >Chris wrote: >> Sorry for the delay in responding. >> It seems to me that talk of individual value simply collapses value into >> concrete labour time. Value represents abstract labour time measured >> according to that time socially necessary i.e. value is identical in all >> commodities of a particular sort. The notion of individual value makes no >> sense to me, and Marx admitted as much in V1 when he calls the social >value >> the 'real value'. For me value is market value (cet par). The basis for >> calculation is the comparison of the individual *labour times*. >> Equalisation of profit rate is a different problem about comparison of >> different branches. >Paolo wrote: >> >Chris, you say that individual value is a senseless term. But it seems >> >that for >> >Marx the notion of individual value is the basis for the calculation of >> >the market >> >values upon which the whole process of equalization of profit rates is >> >conceived. >> >How could we conceive of market values without the notion of individual >> >values? 17 Bristol Road, Brighton, BN2 1AP, England
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