[OPE-L:8078] Re: Re: Re: philosophy and political economy

From: Christopher Arthur (cjarthur@waitrose.com)
Date: Wed Nov 27 2002 - 12:01:08 EST

Re: Michael's [OPE-L:8065]
AB> I would very be interested to see how you would theorise the
> magnitudes of wages and profits etc. My view is that this requires
> the LTV.

ME "The first step is to learn to see that the measure of abstract use or
abstract labour as it is practically brought about by universal commodity
exchange is not time, but money itself, which mediates commodity exchange.
That is, the measure itself is brought about by the abstract social

Hi Michael!

Surely you must know the basic truth of capitalist society "Time is Money"!
Why? Because your M in simple circulation has the form of measure but no
real determinate immanent dimension. But we know that what circulates are
capitalistically produced goods. How would competing capitals measure their
Cs? M is no good, because K is interested only in delta M, but moreover not
that alone but the fact that between M and Mprime is an interval during
which K is tied up. So Capitals must be compensated for their toil and
trouble i.e. the time for which they are tied up wrestling with matter.
Money IS time. Or more precisely value is crystalised time, the Dasein of
its Becoming, or essentially 'that which has become', which must bear
regular proportions to the time of their becoming for capital to persist
with them.


PS I will comment on substance when I have more time (!)

17 Bristol Road, Brighton, BN2 1AP, England

This archive was generated by hypermail 2.1.5 : Fri Nov 29 2002 - 00:00:01 EST