Re: (OPE-L) Re: Dynamic value and natural price

From: Michael Williams (michaelj.williams@TISCALI.CO.UK)
Date: Tue Nov 04 2003 - 07:22:15 EST

-----Original Message-----
From: OPE-L [mailto:OPE-L@SUS.CSUCHICO.EDU] On Behalf Of Paul Cockshott
Sent: 04 November 2003 12:05
Subject: Re: (OPE-L) Re: Dynamic value and natural price
Paul  C wrote
 . Since in the end for capital to accumulate it must have some material
[Michael Williams] I know we have rehearsed this endlessly on previous
occasions, but could Paul elaborate on this. Why can capital not
accumulate as money? Of course, to produce most use-values physical
capital will be needed, so that scarce resource availability and
technology will condition the feasible use-value composition of output,
but capital as such is not tied to particular use-value productions, but
flows around in pursuit of profitable sectors in which to invest.
 .there has to be a connection between the accumulation of capital, with
productive labour defined in connection with accumulation, and the
production of physical commodities.
[Michael Williams] if we accept the necessary physical sub-stratum
thesis, I am not sure what is being argued here. .
Look at the accounts of the banks and see what portion of the wage bill
is met out of bank charges. For the UK at least it is not enough to
cover wages.
The wages are met out of a portion of the interest payments charged.
[Michael Williams] And how does this impact on the issue of some other
moment of productive labour than that it creates value?


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