Re: [OPE-L] questions on the interpretation of labour values

From: Pen-L Fred Moseley (fmoseley@MTHOLYOKE.EDU)
Date: Thu Mar 22 2007 - 22:39:01 EDT

Quoting Jerry Levy <Gerald_A_Levy@MSN.COM>:

> [In reply to Ajit, Fred wrote:] >>>>>>>>>>
> The theoretical rational for this determination of unit prices is that
> commodities in capitalism are *products of  capital*, not single
> individual commodities ("Commodities as the Product of Capital" is the
> title of Section I of the "Results").  Each individual commodity is
> treated as a *aliquot part* of the total commodity product of capital
> in AN INDUSTRY.  First the total price for the INDUSTRY AS A
> WHOLE is determined, and then the unit price of each INDIVIDUAL
> commodity is determined as an "aliquot part" of the total price.
> (emphasis added, JL) <<<<<<<<<<<<
> Hi Fred:
> If your perspective is truly macro-monetary,  then the argument
> should be at the macro level rather than moving from the micro to
> the macro level as above.
> In solidarity, Jerry

Hi Jerry,

The above is only part of the story.  Marx’s theory begins at the macro
level with the determination of the aggregate totals (total price and
total surplus-value).  The next level is the industry level, which I
have called the micro level, which determines prices of production (or
gross industry revenue) and the average profit collected in each
industry (which results in equal rates of profit across industries).
Then, if one wants to determine individual unit prices, the next level
would be a “super-micro” level, as described above.

The above is definitely not moving from the micro to the macro, but
rather from the industry micro level to the unit micro level, which is
completely consistent with the general logical procedure of Marx’s
theory of moving from the general to the particular (macro >> industry
micro >> unit micro).


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