[OPE-L:4731] Re: value vs. potential value

Gerald Lev (glevy@pratt.edu)
Fri, 11 Apr 1997 05:28:28 -0700 (PDT)

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Ajit wrote in [OPE-L:4725]:

> So I ask you and the others on
> ope-l who believe in the 'market does it' theory to present their coherent
> case first before we prove our general charge. So let us begin with a
> simple question: when you say that a commodity, say x has 5 hrs. of
> labor as its value, how do you arrive at that particular quantitative
> valuation in labor-time units?


*If* it's a commodity which is sold at its *SOCIAL* value, then the
quantitative result would be the same.

However ...

*before* one arrives at a "particular quantitative valuation in labor-time
units", one must first take a position on the conceptual issues.

(repetition follows)

For instance:

1) Labor-time in general does not create value -- it must be
*socially-necessary* labor time.

2) For a product of labor to be counted as a commodity, it must have a
*use-value* (and a value, including an exchange-value).

3) It can not be known prior to circulation whether products will have a
use-value since that fact or non-fact is validated or non-validated in

In solidarity, Jerry