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

Shane Mage shmage at pipeline.com
Sun May 12 16:10:34 MDT 2013

On May 12, 2013, at 5:45 PM, Daniel Rocha wrote:

> ======================================================================
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> GDI is determined by accounted market values. Market values vary
> chaotically and they do not reflect actual social necessary labor- 
> time.

Don't you agree that aggregate final prices are equivalent to  
aggregate labor-time? Anyway, that's what Kliman seems to be saying in  
the reference you posted.

> 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.

Wages of "necessary but unproductive" labor are costs, "faux frais,"  
and Marx treats them as circulating constant capital because "they  
have to be made up out of pre-existing values."  The GDI, of course,  
is not organized to reflect Marx's categories like "variable capital."  
But those wages are incomes and so part of aggregate gross monetary  
income and as such are part of GDI.  What they (like capital  
consumption) are not part of is *net* product/income, which consists  
only of wages of *productive* workers (variable capital) and property  
incomes (surplus value). In this sense they are indeed to be  
"subtracted" to arrive at the *produit net*.

>> 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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