Re: [OPE-L] questions on the interpretation of labour values

From: Diego Guerrero (diego.guerrero@CPS.UCM.ES)
Date: Tue Feb 27 2007 - 17:38:05 EST

Hi, Rakesh,

No. I would reckon all wages as part of the variable capital since what
counts to me is the collective worker, a concept of Marx that is usually
forgotten. Therefore there is no need that the price of those industries is
above or below its regulating centre only for that reason.



----- Original Message -----
From: "Rakesh Bhandari" <bhandari@BERKELEY.EDU>
Sent: Tuesday, February 27, 2007 5:36 PM
Subject: Re: [OPE-L] questions on the interpretation of labour values

> >
>>3) And think of the following as a general reflection: "if there are
>>payments to unproductive labor, rents, or interest payments, the tendency
>>may be to equalize net profits after deducting these items" (Foley, 1982,
>>46). It is clear that it is a "tendency", not a short-term fluctuation,
>>also that the resulting prices, that include gross profits, not just net
>>profits, would be different from production prices in all those cases.
> Hi Diego,
> Writing near Silicon Valley...if there are scarcity rents included in
> the wages of highly skilled labor in what James Galbraith calls the
> knowledge intensive capital goods industries--and there may not
> be--does the tendency to equalize profit rates obtain only after
> deducting such scarcity rent? How would knowledge intensive capital
> good industries maintain prices above values to pay scarcity rent
> wages while still receiving the equalized net profit rate? What role
> do patents and intellectual property rights play in this  or barriers
> to entry in knowledge intensive capital goods?
> Yours, Rakesh

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