Also, LTV and circuits of capital do explain the accumulation of capital and wealth a la m-c-c'-m'.
Solidarity,
Luke
On Apr 29, 2014, at 12:34 PM, Carrol Cox <cbcox at ilstu.edu> wrote:
> It can't be that simple, since "wealth" was continuously produced for
> thousands of years before capitalist relations of production emerged.
> Abstract labor and "value" are unique to capitalism. Wealth (including a
> surplus) is NOT unique to capitalism. The LTV does _not_ explain wealth; it
> explains _value_, which does not exist prior to capitalism.
>
> Carrol
>
> -----Original Message-----
> From: lbo-talk-bounces at lbo-talk.org [mailto:lbo-talk-bounces at lbo-talk.org]
> On Behalf Of Mike Ballard
> Sent: Tuesday, April 29, 2014 9:58 AM
> To: lbo-talk
> Subject: Re: [lbo-talk] Joan Robin's "Economic Philosophy", and Karl Popper
>
> JF writes: "This BTW seems also to have been the reason why Joan Robinson
> abjured the label of Marxist, even though she greatly admired Marx. For her
> to be a Marxist required accepting the labor theory of value and dialectical
> materialism. As a good English empiricist she rejected both as metaphysics."
>
> If socially necessary labour time ceased being applied to the production of
> goods and services, no wealth would be produced. That's always swayed me
> toward the labour theory of value.
>
> Mike B)
>
> --
> Wobbly times
> http://wobblytimes.blogspot.com.au/
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