[OPE-L:7834] Re: the value of individual and social value?

From: Christopher Arthur (cjarthur@waitrose.com)
Date: Thu Oct 17 2002 - 12:04:07 EDT

>Re Chris's [7811]:
>How would _you_ explain the equalization of the rate of profit
>sans the concepts of individual and social value?
I am not sure what the question is (I keep social value which is the only
value). For a given industry there would empirically always be a range of
profit rates (see Geert R on the shifting spectrum) and the interesting
question is which would reflect social value - on that see my reply to
Allin. On the ideal GRP across the economy I have nothing to add to Marx's
account respecting a transfer of value via production price. The industry
'value's again defined as in my reply to Allin.

>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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