[Marxism] 'What to do with the Labor Theory of Value'

Daniel Rocha danieldiniz at gmail.com
Sun May 12 15:45:50 MDT 2013

GDI is determined by accounted market values. Market values vary
chaotically and they do not reflect actual social necessary labor-time.
Moreover, they count wages as variable capital, whereas wages can be part
of circulation costs, which should actually subtract, and not add to
GDI. Because of this, in advanced capitalist companies, most of the wages
cannot be taken as part of labor exploitation proper, since they do not
produce value, they are only part of necessary costs. On this issue, you
have also to take into account the exploitation of underdeveloped nations
or regions inside countries, where the market price is always much bellow
the socially necessary required but whose vale is transferred, without
monetary expression, to the exploiters. Also, the turnover time is
different through different sectors of economy so the the formula is not
accurate, they depend also on the size of the companies, credit
availability and the quantity of money circulating. Market values are also
pegged to contracts, so they can  vary according to gold price/dollar
price/euro price or whatever can be consider "stable'.Given the
great inequality between companies, the tendency from concentration and
centralization, the market values will hardly vary around a clear
value. The only clearer variable around all this mess is the rate of
profit, and even so, it depends on messy details of confused vulgar
economists. Great care is required.

2013/5/12 Shane Mage <shmage at pipeline.com>

>  The valuation of GDI in monetary  terms divided by the valuation of GDI
> in hours of socially necessary labor time defines the labor-content of the
> price unit.
> Shane Mage
> "Thunderbolt steers all things." Herakleitos of Ephesos, fr. 64
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Daniel Rocha - RJ
danieldiniz at gmail.com

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