Re: [OPE-L] That hissing? It's the sound of bubblenomics deflating

From: clyder@GN.APC.ORG
Date: Sun Oct 07 2007 - 11:26:54 EDT

 Just quickly, this definition of economic value as
> the
> currently average socially necessary labour time objectified in a product
> is
> not unproblematic, insofar as labour-services do not result in any
> identifiable product.

Can you give me examples of the sort of services you mean?

>I am not sure how I could possibly prove that the
> dispersion of exchange ratios around value ratios is small, and that as a
> whole, it is a zero sum game.

Well, one is limited by the available statistics, but this
has now been done for many economies.

> One question is whether you define the production of the gross output as
> constituting the whole economy. I do not.

Please explain this.

>And with Marx, I think that
> capital does not have to be lodged in productive assets in order to be
> capital. Consequently, it is possible that a larger amount of capital
> assets
> can exist external to production, than inside it.

With commodity money this is true, since value can exist
in the form of gold stocks. I dont see how it can be
true without commodity money.

> I had hoped that, confronted with half a million US home-owners
> foreclosing
> their mortgages, that American leftists would investigate the social
> meaning
> of all this - what are the specific causes for this, what are the
> consequences for people's lives, and what opportunities does this create
> for
> an alternative politics etc. But they don't do this, instead they
> reiterate
> the boring refrain that the rate of profit is falling and that the
> recession
> is coming, blah blah. Well, every boom is followed by a bust, but that is
> not an analysis that can orient anybody (well, I haven't read Michael
> Perelman's new book yet).

My response, here in Scotland, was to try to persuade the Solidarity
party to have the cancellation of all debts as a key feature of its program.
The Trots blocked this of course.

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