Marxist economics

Jim Jaszewski jjazz at freenet.hamilton.on.ca
Sun Oct 8 23:11:47 MDT 1995


On Mon, 9 Oct 1995, John R. Ernst wrote:

> Not to worry so much.  My old classmate, Khalil, is forced to use what I
> call the "embodied" labor theory of value.  In that theory, the social
> values of commodities are assumed to move harmlessly toward their 
> individual values as economists hum the magic work -- "Competition."  I
> am not sure for how long they must do this for the two concepts to 
> coincide quantitatively, but let me assure you they have been doing it 
> for some time.   

	Is this some `Strange Attractor' effect?  :>


> To get to Khalil's point, you must also assume that capital inputs
> increase faster that outputs as productivity increases.  This may be 
> true as capitalism moves from manufacture to large scale industry but, 
> as Marx notes, it is not true in capitalism itself. 
>  
> Kahlil does show, intentionally or not, that the simple way of
> intrepretating the concept of value can quickly become the source of
> stupidity.

	One of the reasons I'm not in a hurry to write any books is that I
wouldn't want to be caught publicly championing such crudity -- or is
there some silver lining I've missed here? 


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