The tendency of earnings estimates to fall

[Forstater, Mathew]

i would say that surplus labor time (SLT) is a portion of total labor time
(TLT), the difference between TLT and necessary labor time (NLT--the time it
takes to produce the value of the means of subsistence = the wage), and that
surplus value is the value generated during surplus labor time. But you say
"soc. nec. ave. LT...is value itself"--what do you mean by that?

-----Original Message-----
From: shmage at pipeline.com [mailto:shmage at pipeline.com]
Sent: Wednesday, April 04, 2001 12:41 PM
To: lbo-talk at lists.panix.com
Subject: RE: The tendency of earnings estimates to fall

As a portion of value, surplus value is a portion of labor time.  As accumulated
value it remains accumulated ("dead") labor time.  Socially necessary
average labor time is not, in Marx, the "measure" of value--it is value
itself.  Relative price is the (deviant and biased) empirical measure of
relative value, but because "price is value in the form of money" the
deviations cancel each other in forming the aggregate social product
of a given period.  And because it is the money form of value that
is accumulated to form the capital stock, that stock
consists of
a quantity of money units each representing (after depreciation
and obsolescence) a definite quantity of the social labor exercised
during the period when it was accumulated.--sm


>Right, but value isn't SV. SV is a portion of value. We are operating at
>different levels of the theory, no? Anyway, if we are going to be technical,
>SNALT is the measure of the _magnitude_ of value, right. So  it's really not
>right to say that a unit of SNALT is a unit of value, or even of SV, but a
>unit measure of its magnitude. --jks
>
>
>>From: shmage at pipeline.com (Shane Mage)
>>Reply-To: lbo-talk at lists.panix.com
>>To: lbo-talk at lists.panix.com
>>Subject: RE: The tendency of earnings estimates to fall
>>Date: Wed, 4 Apr 2001 11:43:44 -0500
>>
>>Justin: capital, according to Marx, is accumulated surplus value.--sm
>>
>> >Shane, that is a unit of value, but of capital? You don't need
>>capital_ism_
>> >(wage labor, classes) to get value, just markets. The initial model of
>>the
>> >commodity in CI is a pure market model. --jks
>> >
>> >
>> >>
>> >>Doug asks:
>> >>
>> >>
>> >> >- an hour of labor is an hour of labor, but just what is a unit of
>> >> >capital? - but I really don't know what it means today.
>> >>
>> >>According to Marx, a unit of capital is identically a unit, say an hour,
>> >>of average socially necessary labor.
>> >>
>> >>Shane Mage
>> >>
>> >>"Thunderbolt steers all things."
>> >>
>> >>
>> >>Herakleitos of Ephesos, fr. 64
>> >>
>> >>
>> >
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>
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