Date: Wed Nov 27 2002 - 04:16:14 EST
> Marx?s law here, which is a reformulation of Ricardo?s law of value > (although > also supplemented by a thorough philosophical and thus ?qualitative? or > ?metaphysical? analysis of the value-form), is subject to the same > metaphysico-mathematical demand as announced in Descartes? _Regulae_. A > _reason_ > is _rendered_ (Leibniz: "rendre raison" _Principes de la Nature et de la > Grace, > Fondés en Raison_ Para. 11) for the exchange relations of commodities, and > these relations are themselves conceived from their quantitative aspect > amenable > to mathematical treatment, for which a sufficient, quantitative reason is > sought > and found to reside in labour-time under a definite qualification of being > ?socially necessary?. It cannot be said, however, that the law of value has > been > empirically underpinned in the way that this can and has been asserted for > Newton?s second law of motion which initially drew its evidence from the > movements of celestial bodies. Furthermore, the debate among economists > which > Marx?s theory of labour value inaugurated has led to it being largely > rejected, > for neither empirically nor through deductive reasoning is it possible to > shore > up such a quantitative law for magnitudes of exchange-value regulating the > exchange relations between commodities, even very indirectly through steps > of > conceptual mediation. I would seriously dispute this. There is now a growing body of empirical literature which indicates a very close correspondance between actual sectoral prices in economies and the correponding labour values. The correlations revealed are remarkably strong by economic standards. I would contend that economists rejection of the labour theory of value draws more from bourgeois class interest - horrified at the moral consequences of accepting it - than any scientific objectivity. > If established, such a quantitative law would have > indeed > provided the foundation for a ?theory of motion? of capitalist economy and > allowed reliable, predictive mathematical calculation of its movements. > It has been established so the rest of your argument falls.
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