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

From: Pen-L Fred Moseley (fmoseley@MTHOLYOKE.EDU)
Date: Sat Mar 17 2007 - 22:20:17 EDT

> Ian:
> 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 the monetary character of capitalist production.

Hi Ian, thanks very much for this comment.

This is also one of my difficulties with Sraffa.  It is as if the means
of production enter capitalist production as mere physical quantities,
without prices, and whose prices will be determined only later.

However, this is not true.  The means of production enter capitalist
production as *commodities*, with *already existing prices*.  And these
already existing prices of the means of production becomes the first
component of the prices of the output.


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