Re: [OPE] devaluation and revaluation of variable capital

From: Gerald Levy (
Date: Thu Feb 07 2008 - 09:18:25 EST

Hi Paul C and Alejandro A:

"Depreciation of labour"  may not be the exact phrase used by Marx
in _Capital_, but there is a discussion of the "revaluation and devaluation 
of the variable capital" in Volume III, Chapter 6, Section 2.   After
explaining the release and tying-up of constant capital, he goes on to
discuss variable capital later on in the section (beginning on p. 209 in 
the Penguin/Vintage edition).    

Note the reference to "moral depreciation" earlier in that same page.

In solidarity, Jerry

> To be sure one would have to look at the original french and then 
> compare the usage with what
> was current in mid 19th Century french literature.

> By the phrase 'depreciation of labour, I think Marx meant, in those 
> passages, a decline in the payment
> to labour or a decline in wages. This is something different from a 
> depreciation of commodities below
> their value.
> It must also be born in mind that this is a relatively early text, and 
> his economic terminology at
> this stage is not quite the same as he used later on in Capital.

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