[OPE-L] simultaneous vs. sequential determination

From: Fred Moseley (fmoseley@MTHOLYOKE.EDU)
Date: Thu Sep 06 2007 - 09:30:52 EDT

Quoting Riccardo Bellofiore <riccardo.bellofiore@UNIBG.IT>:

>>> since for me the real problem in Marx is NOT the transformation, but
>>> the argument according to which value exhibits in money only labour.
>>> It is here that Marx's argument is problematic.
>> What do you think is wrong with Marx’s argument?
> you know that, Fred: we talk about that each year in our ISMT
> meetings! And it was also in my reply this year in Iowa, and in my
> sketch on the blackboard. Of course, I know you disagree, and you
> know I disagreee with you (though, from different interpretations and
> reconstructions we end up with something quantitatively similar). But
> don't ask me "what" is *problematic* in Marx(I didn't used the word
> wrong, I guess). Marx's argument, Marx's *explicit* argument at
> least, is inextricably linked to money as a commodity. So may we just
> simply agree to disagree?

I thought that commodity money is what you meant, and almost said so.
But the way you put it - "the argument according to which value
exhibits in money only labour" - threw me off.  This sounds more like a
problem in Section 1 than in Section 3 - a Bohm-Bawerk type of argument
that there could be other common properties besides labor.  But now I
understand you, and yes we disagree.  The transformation of concrete
labor into abstract labor does not require commodity money, in my view.

> This, for the time being. The circuit stuff (Graziani, and myself)
> may be later on (but I would not bet on it, looking at my agenda!)

This to me is the most interesting question right now.  I would very
much like to know more about how the theory of the moneary circuit (and
Graziani in particular) deals with the issue of sequential vs.
simultaneous determination in its monetary circuit.  Is M taken as
given in the determination of M'?

So I would really appreciate your comments on this question, as your
time permits.

I will take another look at the Graziani article.


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