[OPE-L:4049] Revaluation

From: Alejandro Ramos (aramos@btl.net)
Date: Wed Oct 11 2000 - 14:15:55 EDT

Re Andrew K # 4034.


Many thanks for your clarifications regarding "exogeously" and "endogenously".

I have another question somewhat related to these problems (to Andrew and,
of course, to the list):

As you know, there are passages in which Marx's explains that the existing
stocks of commodities are revaluated according to labor time socially
necessary to reproduce them. For example, at the end of period t, remaining
stocks of vintage t-1 cotton are revaluated according to the labor time
which was necessary to reproduce this commodity during the producion
process of period t.

Now, it's rather common that those passages are presented as textual
evidence that the determination of commodity value is correctly represented
by a system of simultaneous equations, instead of difference equations.
When this is done, it's paid no attention to the fact that Marx is
considering *previously existing stocks of commodities* which are
revaluated. The texts are rather interpreted as saying that the actual
expenditure of social human labor time carried out in the production of
*inputs* is irrelevant for the determination of commodity value; in other
words, that the distinction between past and living labor has no real
meaning because there would be a retroactive revaluation of *constant
capital*, which of course is not the same that the revaluation of existing
stocks of commodities. Constant capital is a magnitude of value that was
transferred during the production process by the consumption of the inputs
which therefore are no longer "existing stocks" as those considered by Marx.

Well, my question is: Do you know who was the first author who presented
this argument by means those passages? My early references are Morishima
(1973) who quotes Okishio (in Japanese), and Brody (1974). I haven't been
able to find this interpretation in authors such Meek or Sweezy.

Alejandro R.

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