Re: [OPE-L] basics vs. non-basics

From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Tue Sep 20 2005 - 10:40:42 EDT

Philip Dunn wrote:
> For many reasons.  Andrew Kliman's paper "Simultaneous Valuation vs. the
> Exploitation Theory of Profit", especially section 3, argues that,
> although a
> semi-positive physical net product is a sufficient condition for
> reproduction,
> it by no means necessary.
It depends what you mean by reproduction clearly.
You can have reproduction on a diminished scale without
such a physical net product.

> I am not troubled even if the physical net product is all negative. The
> value of
> output will exceed the value of inputs in aggregate because the labour time
> equivalent of aggregate money value added is positive.  If 1 million clock
> hours are worked then aggregate money value added is 1 million hours.
> Embodied
> labour value added is also 1 million hours since aggregate money value
> added is
> its equivalent.
If there is no physical net product, then no rational capitalists
would engage in production, since they would be better off to
just hold onto stocks and sell them speculatively.
Without a physical net product, the act of 'production'
is an act of destruction.

Paul Cockshott
Dept Computing Science
University of Glasgow

0141 330 3125

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