Re: [OPE] Mastering Marxian Economics

From: Dave Zachariah (
Date: Mon Aug 04 2008 - 07:10:39 EDT

Philip Dunn wrote:
> Do you mean "equal exchange" here? Marx posed the problem of how there
> could be a surplus under conditions of equal exchange.
> I don't address such a mechanism. I just provide an alternative value
> accounting framework in which it can be discussed.
> The rate of exploitation, as a random variable, is
>                    fJ-1
> where J is the valorisation ratio and f is the ratio of the real to the
> absolute value of money, equal to aggregate dollar value added over
> aggregate dollar wage-bill. Just accounting.
> Why it is > 0 I regard as an open question.

Equal exchange is less of a matter here. Historical materialism 
emphasizes the extraction of surplus labour on a macro-level, which can 
easily be verified. I think this primary concern is obscured by your 
framework. It seems like profits arise from some mysterious properties 
of exchange.

//Dave Z
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