[OPE-L:7576] von Neumann growth thread

From: glevy@pop-b.pratt.edu
Date: Sat Aug 31 2002 - 09:33:21 EDT

A OPE-L reader wishes to make a short contribution to this thread. / In solidarity, Jerry

---------- Forwarded message ----------
From: "Barry Brooks" <barrybrooks@sbcglobal.net>
Date: Fri, 30 Aug 2002 07:24:45 -0500
<sip, JL>

In particular I would like to comment on the von neuman growth thread.

> >This is in no way contrary to the labour theory of value. If
> >there is no human labour input, the labour theory of value
> >simply does not apply to this case.

> As Pack presents the case, what this 'model' shows is that the
> elimination of living labor from the process of production need not
> lead to a collapse in the rate and mass of profit and thus the
> breakdown of the capitalist system.

>I dont see anything controversial about this other than the
>hypothesis that living labour can be completely eliminated.

While the division of gross profit between workers and owners depends on the
interest rate and political power, at the limit the elimination of labor must
force all income into profit, because labor and wages would have been

This has nothing to do with whether this limit could be reached. It is being
approached, and the theory would imply that the wage-system will collapse.
The collapse of the capitalist system due to infinite labor productivity
would not be due to a collapse in profit, but due to demand deficiency.

Barry Brooks

This archive was generated by hypermail 2.1.5 : Fri Sep 06 2002 - 10:15:07 EDT