[OPE-L:3602] Re: constant capital and variable capital

From: Paul Zarembka (zarembka@acsu.buffalo.edu)
Date: Sat Aug 05 2000 - 08:22:33 EDT

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"Fred B. Moseley" <fmoseley@mtholyoke.edu> said, on 08/04/00:

>1. ... (M-C-M') IS Marx's analytical framework. It is the way that Marx
>posed and analyzed the main questions in his theory.

Fred, if this is correct, why is there NO reflection of the over-riding
importance of a M-C-M' analytical framework in "Value, Price and Profit"?
I don't even see M-C-M' there.

>2. ... But capital is defined in terms of money, not in terms of
>labor-values, unrelated to money quantities. The title of Part 2 is "The
>Transformation MONEY into capital" (a phrase that Marx uses repeatedly);
>it is not "the transformation of labor-values into capital."

If capital is defined in terms ot money how is "money" be transformed into

>3. Surplus value is also defined in Chapter 4 in terms of MONEY, as the
>increment of money, dM, that emerges at the end of the circulation of
>capital (pp. 251-52).

If surplus value is defined in terms of money, what isn't it called
surplus money?

>4. ... In the end, 27 shillings is converted into 30 shillings,
>with dM = 3 shillings. This increment of money is what the theory is
>intended to explain.

Marx assumed simple value/price equivalence in Vol. 1.

>5. ... But the point here, to begin with, is that Marx's theory
>in Volume 1 is NOT about the determination OF labor-values, unrelated to
>money magnitudes. Rather, the theory is about the determination of money
>magnitudes, and especially dM, BY labor-values.


I must be missing something. Paul Z.

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