[lbo-talk] Joan Robin's "Economic Philosophy", and Karl Popper

Mike Ballard mbbtraven5 at gmail.com
Fri May 2 20:00:41 PDT 2014


-- How wealth is produced and exchanged is what Marx, Smith and Ricardo were talking about and forms the basis of the labour theory of value for what's valued is wealth. While it is true that wealth presents itself as a vast accumulation of commodities for sale in a capitalist political economy, it also presents itself as a commodity in simpler modes of production. The point is that the exchange-value is measured by the socially necessary labour time it takes to produce the wealth and recognition of same by buyers and sellers in the marketplace of commodities.

************************** 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

************************

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)



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