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I have long been convinced that value cannot be precisely measured.
I gave my clearerst analysis in "Marx, Devalorisation, and the Theory of
Value." Cambridge Journal of Economics, 23: 6 (November): pp. 719-28.
Also, earlier in Karl Marx's Crisis Theory: Labor, Scarcity and Fictitious
Capital (New York: Praeger, 1987).
1993. "The Qualitative Side of Marx's Value Theory." Rethinking Marxism, Vol.
6, No. 1 (Spring): pp. 82-95.
1991. "The Phenomenology of Constant Capital and Fictitious Capital." Review
of Radical Political Economy, Vol. 22, Nos. 2 & 3 (Summer and Fall): pp.
Besides the problem of objectively measuring abstract labor, the depreciation
of long-lived constant capital is incapable of measurement unless you know in
advance when that capital will be replaced.
-- Michael Perelman Economics Department California State University Chico, CA 95929
Tel. 530-898-5321 E-Mail firstname.lastname@example.org
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