reply to Steve Keen

Sat Aug 6 15:20:55 MDT 1994

          My thanks to Steve Keen for correcting my misunderstanding
          of his position on the LTV.

          My understanding has always been that the use/exchange
          value dialectic with respect to labor was *consonant* with
          the understanding of the LTV derived from the categories
          necessary/surplus labor (not different from or opposed to
          it, as Steve suggests).

          I confess to not seeing the advantage -- if the use/exchange
          and necesary/surplus versions of the LTV are indeed
          incompatible -- of retaining the former rather than the
          latter.  As I suggested in a recent reply to Phil Goldstein
          on Stalin -- and here I feel sure I'm in complete agreement
          with Steve and his quotation from Marx -- as "heirs" our
          business will always be to sift out what is useful within
          Marx's capacious writings from what is less so.

          Gene Holland


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