>>> shmage at pipeline.com 04/04/01 01:41PM >>>
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.
________
I think value itself is congelations of homogeneous human labour.
"Let us now consider the residue of each of these products; it consists of the same unsubstantial reality in each, a mere congelation of homogeneous human labour, of labour-power expended without regard to the mode of its expenditure. All that these things now tell us is, that human labour-power has been expended in their production, that human labour is embodied in them. When looked at as crystals of this social substance, common to them all, they are Values."
Vol. I Capital, Chapter 1
But agree with your more direct point, for "value" is "exchange-value", in what proportions different commodities are exchanged. The amount of labor congelated in each commodity regulates these proportions of exchange.
________
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
________
CB: Yes, and capital is variable, constant and surplus. But I note Michael P's comment.
>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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