Re: [OPE-L] empirical measurement of changes in the value of labour-power

From: GERALD LEVY (gerald_a_levy@MSN.COM)
Date: Wed Dec 12 2007 - 13:26:50 EST

> I think the concept of "value of labour-power" is a bit problematic.
Hi Dave:
Perhaps - let's talk about it.  Is the following the only reason you think so?
> Would it not be better to explicitly distinguish:> (a) the labour-value of the real wage> (b) the total labour (social *and* domestic) necessary to reproduce> the capacity to work> Therefore if "the price of wheat goes up in the next 3 months but falls> afterwards, then during those 3 months real wages would decline ceteris> paribus", and so would (a), which I interpret as the "value of labour-power".
I think it's helpful to distinguish between wages and the VLP. 
How would you explain, for instance, counteracting factor #2
to the tendency for the general rate of profit to fall (reference: _Capital_, 
Volume 3, Ch. 14,  Section 2) without reference to the distinction 
between wages and the VLP?
In solidarity, Jerry

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