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I had noted in OPE-L 2309 that
"the FMT does not hold in general. Extremely restrictive postulates
are employed -- strictly positive physical surpluses of everything at
every monent, or exactly equal rates of profit everywhere at every
moment. The FMT collapses when these assumptions are relaxed. So
simultaneous valuation implies that surplus labor isn't necessary or
sufficient for profit to exist in the real world.
"I've been going around for a couple of years now demonstrating this.
No disproof has come from the physicalist camp. No retraction
In OPE-L 2313, Jerry asked:
"Could you please give the full citation for the article including
title, and where and when it was published? Thanks."
Well, as you can imagine, I had difficulty getting it published. But it
has finally been accepted by _Capital and Class_, and it will appear next
year (issue 73 or 74) under the title "Simultaneous Valuation vs the
Exploitation Theory of Profit." An earlier version can be obtained
through the IWGVT website, www.gre.ac.uk/~fa03/iwgvt . But the math
symbols didn't convert properly, so I'll be happy to send anyone the
paper as an attached file or via snail-mail.
Jerry also asked "(has the FMT and your paper already been discussed on
OPE-L? I don't recall...)"
I'm not sure the specific text was discussed, but the issue was
discussed. Most of the discussion, if I remembered, centered around the
point that, in the New Interpretation and the simultaneous single-system
interpretations, surplus-labor isn't necessary nor sufficient for profit
to exist. The same is true under the standard simultaneous dual-system
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