Re: Money, mind and the ontological status of value

From: Ian Wright (iwright@GMAIL.COM)
Date: Thu Jun 17 2004 - 16:24:54 EDT

Hi Paul, Howard

> In your reply, value is both a real object and a theoretical object.
> You are having your cake and eating it, too.

Maybe things would be clearer if the term "value" was replaced by "law
of value", because the latter term reminds us that it is a social
process we are talking about, and avoids reification.

The "law of value" is both a theory and a real process. Just like the
"law of gravity" is a description of a real mechanism that exists
independently of our knowledge of it.

(There are certain objective conditions that need to be met in order
for the emergence of the law of value to be a real possibility. People
seem to argue whether those conditions must include a market in labour
or not. I view some of my computational experiments an existence proof
that it does not. It would be nice to perform some economic
experiments with real people in the laboratory,  and determine whether
the law of value emerges in this setting also. A brief perusal of some
of the work in experimental economics suggests that the law of value
would naturally emerge with a small group of people interacting over a
network and pretending to make and trade commodities. The form of this
argument is not if EV then V, but if X,Y and Z then the law of value
emerges. It is deductive, not inductive.)


This archive was generated by hypermail 2.1.5 : Sun Jun 20 2004 - 00:00:02 EDT