[OPE-L:7822] the value of individual and social value?

From: gerald_a_levy (gerald_a_levy@msn.com)
Date: Tue Oct 15 2002 - 23:17:53 EDT

Re Chris's [7811]:

How would _you_ explain the equalization of the rate of profit
sans the concepts of individual and social value?

In solidarity, Jerry

PS:  wasn't it redundant for Marx to refer to "the equalization of
the  general rate of profit"?  I.e.  if  there is _a_ *general* rate of
profit then doesn't that mean of necessity that rates of profit have 
been equalized?  

Chris wrote:
> Sorry for the delay in responding.
> It seems to me that talk of individual value simply collapses value into
> concrete labour time. Value represents abstract labour time measured
> according to that time socially necessary i.e. value is identical in all
> commodities of a particular sort. The notion of individual value makes no
> sense to me, and Marx admitted as much in V1 when he calls the social
> the 'real value'. For me value is market value (cet par). The basis for
> calculation is the comparison of the individual *labour times*.
> Equalisation of profit rate is a different problem about comparison of
> different branches.
Paolo wrote:
> >Chris, you say that individual value is a senseless term. But it seems
> >that for
> >Marx the notion of individual value is the basis for the calculation of
> >the market
> >values upon which the whole process of equalization of profit rates is
> >conceived.
> >How could we conceive of market values without the notion of individual
> >values?

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