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

From: Michael Williams (michaelj.williams@TISCALI.CO.UK)
Date: Thu Nov 13 2003 - 07:24:47 EST

> -----Original Message-----
> From: OPE-L [mailto:OPE-L@SUS.CSUCHICO.EDU] On Behalf Of Paul
> Cockshott
> Sent: Wednesday, November 05, 2003 10:27 PM
> Subject: Re: (OPE-L) Re: Dynamic value and natural price
> ...
> Paul
> ...
> Capitalists are also concerned with real wealth which they
> realise is only partially represented by money.
But under capitalism Money can buy any item of 'real wealth'

> It is for this reason that accounting practice tries to compensate for

> the effects of inflation.

This is primarily a pragmatic attempt to avoid confusing changes in
wealth with mere changes in the unit of account. It doesn't speak to the
ongoing abstraction from specific use-values that is money.
> ...
> Marx ... idea being that labout which contributes to the
> production of the surplus product provides the surplus that
> is re-invested in new plant and machinery, and in employing
> more workers.

Surplus Product in its money form is available to be so re-invested.
Indeed in general surplus product must pass through the money form in
order to be so invested. [The truism that a certain use-value
composition of output is required in period one inorder to (re-)produce
a certain use-value composition of output in period 2 is, of course, the
kernel of useful truth in the post-Sraffian interpretations of Marx's
economics. But it provides no necessary ground for a
productive/unproductive labour distinction, which is, instead, based
upon the social relations of production under which different labour is

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