From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Thu Sep 20 2007 - 03:38:17 EDT
Question 1: what does Marx operationally mean, when he claims "price formation does not affect the determination of value in any way"? Possible answer: the determination of value consists exclusively of the expenditure of social labour-time in producing products, independently of price-setting. Question 2: what does Marx operationally mean when he says "the formation of exchange-value has nothing in common with value formation"? Possible answer: value formation refers exclusively to the expenditure of social labour-time resulting in products, the formation of exchange-value refers to the achievement of relatively stable trading ratios for products, expressible in money-units. Question 3: what is the operational meaning of "the grain being sold over [in excess of] its value"? Possible answer: if the grain is sold in excess of its value, it means that products of less labour-time effectively trade for products of more labour-time, where the money which the grain sells for represents a claim to a quantity of labour-time larger than that which the production of the grain in fact represents, or, that this money can alternatively buy other products with a labour-content larger than that of the grain. ---------------------------------------- I think your interpretation is correct on all these points, and this passage would, I think, be hard for those who identify value input in the transformationprocess with money spent, to reconcile with their view of Marx.
This archive was generated by hypermail 2.1.5 : Sun Sep 30 2007 - 00:00:05 EDT