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

From: Ian Wright (wrighti@ACM.ORG)
Date: Fri Mar 16 2007 - 13:44:11 EDT

> Ajit:
> How much is your M, Fred? Just tell me how much is
> your M. If you are going to begin your theory with a
> given M, you need to know how much it is. I'm not
> asking for any explanation, just tell me how much it
> is. Where do you get your data for M? If you are
> unable to tell us how much is your M, then how could
> you claim that M increases to (M + dM)? Just think
> about it?

Ajit, on the specific and narrow issue of whether M, as the total
money-capital advanced, can be taken to as given data, the answer is
of course yes. M appears in many different forms no doubt, from cash
to electronic transfers to firm accounts, but nonetheless it is a real
quantity,  as objective as the physical inputs arriving at the factory
gates. One of my difficulties with Sraffa is that his objectivism does
not extend to counting money-flows in the economy. The man in the moon
is, as it were, blind to monetary character of capitalist production.

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