(OPE-L) Re: value and labour

From: OPE-L Administrator (ope-admin@ricardo.ecn.wfu.edu)
Date: Wed May 14 2003 - 03:58:14 EDT

Ian: you will be able to send posts directly to the list from now
on./ In solidarity, Jerry

----- Original Message -----
From: "Ian Wright" <ian_paul_wright@hotmail.com>

> Hello Jerry,
> I'd be grateful if you could forward this reponse to a posting of
> Rakesh.
> Thank you.
> -Ian.
> Re: value and labour
> Rakesh wrote:
> ><snip>
> >So if value is a subjective estimate of the consumer and an unknown
> and unobservable entity to the seller, then how does it or how can it
> possibly  come to regulate exchange and production in bourgeois
> society? That's my first question.
> And Andrew wrote in reply:
> >Prices are, in general, objective. They are regulated by values,
> quite apart from the subjective estimates, or observations of
> >anyone. This occurs as an unintended consequence of individual
> >actions. It is a mistake to consider that the fundamantal social
> causes are always known to social individuals. Social outcomes
> >can be unintended consequences of individual actions.
> I'd like to add the following:
> Although the formation of a particular price at a particular time can
> be causally influenced by the subjective evaluations of economic
> actors, these evaluations are at least constrained by the amount of
> money that the actor holds. That amount of money is an objective,
> material constraint on those evaluations. Actors do decide to spend
> more or less of what money they have, but they do not think money into
> existence. That money is a local representation of a global resource
> constraint -- the amount of available social labour-time. For example,
> in
> my experiments with a simple commodity economy, I allowed individual
> to subjectively evaluate the price of commodities *randomly*. Even in
> this case,
> average prices are regulated by labour values. The law of value
> emerges as an unintended consequence of the ensemble activity of many
> private economic actors. Rubin understood this, I think.
> -Ian.

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