Re: [OPE] devaluation and revaluation of variable capital

Date: Fri Feb 08 2008 - 08:44:21 EST

> I have mentioned this idea several times on the list, but Jerry
> seems to be the only one who expressed any sympathy for it.

Hi Michael:

Yes, we have been in broad agreement on issues related to the
moral depreciation of  *constant* capital. But, have you written
here or elsewhere anything on "the release and tying-up of
*variable* capital which is the result of the devaluation
and revaluation of the elements of *variable* capital, i.e.
the costs of reproduction of labour-power" (Vol 3, Penguin ed.,
p. 212, emphasis added)?

In solidarity, Jerry

> "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).
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