[OPE-L:6335] Re: Re: Re: Re: Re: Re: recent science and society and Fred M's interpretation (fwd)

From: Gil Skillman (gskillman@MAIL.WESLEYAN.EDU)
Date: Wed Jan 16 2002 - 16:45:45 EST

Hi, Fred.  You write:

>In brief answer to your question, Marx's theory explains the determination
>of the general rate of profit on the basis of law of value at the macro
>level, which is then taken as given in the determination of prices of
>production at the micro level.  No other theory is able to make this
>crucial connection.

This statement raises more questions, at least in my mind, than it answers.

1)  What is the "law of value" in this context, and what mechanism assures
its "law-like" operation at the macro level, understood as analytically
prior (otherwise it could not be "taken as given") to the determination of
prices at the micro level?  And if there is no clear mechanism, why should
this be considered a valuable or valid contribution?

2) *Why* is "[n]o other theory able to make this crucial connection," at
least in the non-tautological sense that phenomena determined at the macro
level are held in turn determine micro outcomes?  Why do you need *Marx's*
"law of value" (whatever that is) to assert this?


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