[OPE-L:4828] Re: Re: value: primary, secondary; latent, possessed? (was eigenvalues)

From: Rakesh Narpat Bhandari (rakeshb@Stanford.EDU)
Date: Sat Feb 03 2001 - 14:12:00 EST

re 4827

Paul C wrote:
>I would say that values are not a property of the commodity
>but a property of the system of production that made them.

And this is where have differed from day one. I agree that 
"possessed" value is not a property of the commodity and that it is 
indeed a property of a system. Your correction here is most 
important, and accepted.

But as I wrote to Steve K (and to quote myself again), value is only 
latent in the system of production alone. That is, value describes a 
system--the thing being measured and the measurement being 
made--rather than being an independent description of the thing being 
measured. Monetary ex-change is thus more than the passive 
ascertainment of a pre-existing property but is rather the production 
of a datum (value) though the active involvement of measurer and 
thing measured. In short, the transformation of quantities of various 
forms of concrete labor into homogeneous, abstract labor or value 
occurs precisely through (and not before) market exchange.

Long ago, you charged that this would lead me  directly  to a utility 
or subjective theory of value. But this is not the case, for as Allin 
put it then, I am not here saying that the magnitude of value is 
determined by exchange; I am arguing that a commodity only possesses 
(or is a) value (one side of a binary state) if it's successfully 
monetarily exchanged.

>>At any rate, value is necessarily
>>  represented in money; and value expansion can only obtain in and
>>  through money.
>what is money in this context?

strictly speaking, God in the religion of everyday life. Which is 
what I tried to suggest in my first post on money. I would add that 
Marx is trying to show how one commodity under the pressure the 
exchange of great quantities of goods ascends from earth to economic 
heaven to become not merely a measure of value and a standard of 
price, but in virtue of its functions of universal equivalent and 
exchange medium, Value Incarnate.

Yours, Rakesh

This archive was generated by hypermail 2b30 : Thu Mar 01 2001 - 14:01:38 EST