[OPE-L:3409] Re: Re: Re: Re: Re: measurement of value

From: Rakesh Bhandari (bhandari@Princeton.EDU)
Date: Thu Jun 01 2000 - 12:43:12 EDT

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>> Of course our problem of measuring values is hardly helped by the
>> quantitization in prices of values. Prices and data based on them do not
>> directly allow us to measure values. But quantitative marxists are
>> obviously making heroic efforts.
>I would have thought estimates of value can be greatly helped by
>price data: one approach to measuring value is through modifying
>national accounts (greatly) according to the notion of value (eg.
>distinguishing unproductive and productive labour).

Andy B (sorry to have confused you with Andrew Trigg the other day),
you have said value tethers price. How do the operations of the credit
system complicate this? It seems the US profit rate was at its height a
couple of years ago largely boosted through lower interest rates, largely a
consequence of a flood of foreign capital. If national profits can be so
affected by exogeneous shocks, then why are we interested in national
profit rates? And if commercial capital does not buy at value, then how do
we take account of mfg imports in doing our calculations of the total
surplus value ? How do we determine the size of the unit, the total labor
out of which capital is making extracting surplus value?

Yours, Rakesh

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