[OPE-L:4983] Re: production and realization

Ajit Sinha (ecas@cc.newcastle.edu.au)
Tue, 13 May 1997 03:22:22 -0700 (PDT)

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At 10:09 PM 5/11/97 -0700, Fred Mosely wrote:

>1. In Vol 1, the main question of the theory is the determination of the
>total amount of surplus-value in the capitalist economy as a whole. The
>main conclusion is that surplus-value is the monetary expression of surplus
>labor. The total amount of surplus-value is determined in production,
>prior to circulation, and is proportional to the total amount of surplus
>labor (with the proportionality factor the inverse of the value of money).

How is surplus labor determined whose monetary expression is 'surplus
value'? In my opinion, the unit of surplus value is labor-time and not gold
or silver. What kind of textual evidence do you have for your claim?
>In this theory of the total amount of surplus-value in Vol. 1, Marx assumed
>that all commodities are sold at their value. Therefore, the total amount
>of surplus-value realized is equal to the total surplus-value produced in

How is the value determined in your framework, and what is its unit?

I agree with you on the point that realization is not a problem as far as
Marx's theory of value and surplus value is concerned. Cheers, ajit sinha