[OPE-L:3306] Re: Re: starting points [can surplus value be measured?]

From: Michael Perelman (michael@ecst.csuchico.edu)
Date: Wed May 24 2000 - 10:06:25 EDT

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I have long been convinced that value cannot be precisely measured.

I gave my clearerst analysis in "Marx, Devalorisation, and the Theory of
Value." Cambridge Journal of Economics, 23: 6 (November): pp. 719-28.

Also, earlier in Karl Marx's Crisis Theory: Labor, Scarcity and Fictitious
Capital (New York: Praeger, 1987).

1993. "The Qualitative Side of Marx's Value Theory." Rethinking Marxism, Vol.
6, No. 1 (Spring): pp. 82-95.

1991. "The Phenomenology of Constant Capital and Fictitious Capital." Review
of Radical Political Economy, Vol. 22, Nos. 2 & 3 (Summer and Fall): pp.

Besides the problem of objectively measuring abstract labor, the depreciation
of long-lived constant capital is incapable of measurement unless you know in
advance when that capital will be replaced.

Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321 E-Mail michael@ecst.csuchico.edu

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