From: Paul Cockshott (email@example.com)
Date: Mon Jan 06 2003 - 16:26:01 EST
Christopher Arthur wrote: > Re Michael's 8081 of Cologne 28-Nov-2002 > A long delayed reply on time. Of course when I say time is money I do not > mean the dimension is time, what I mean is that the amount is a function of > the time capital is tied up for. As far as I can see you think the deltaM > is a contingent amount predicated on some Hayekian like creation out of > market imbalence. But I would like to support a version of LTV as follows: > Kapital situates production within the time of it own circuit of movement. > This means that if the GRP functions as any kind of regulator of the > strivings of individual capitals then there must be a form determining of > the money measure such that in the first instance (there are many other > instances, ioncluding contingencies) it is necessary according to the > Concept of capital that each K is rewarded in proportion to the time for > which it is tied up producing commodities, and in effect suffering a kind > of freeze in its movement compared with an ideal K that produces > instantaneously. The only way to for this to be acheived is to set the > reward of the ideal K at zero and set a new value proportional to each LT > such that every K valorises at the same rate. > I am not saying SNLT is some originary principle but that the form of > self-valorisation grounds itself in the exploitation of labour and it > measures this ground according to its own form, i.e. not energy, not toil > and trouble, not pleasant/unpleasant, or any other subjective perception of > laborers, but objective time alone because for K time is money whereas for > the peasant 'time costs nothing'. This version has little to do with labour, since time passes independently of the expenditure of labour. Money in a bank account grows over time, wine laid up in a vault rises over time. These, however are illusions generated by the existence of interest.
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