Re: [OPE] devaluation and revaluation of variable capital

From: Michael Perelman (
Date: Sun Feb 10 2008 - 12:54:00 EST

I have done so only in the obvious way that increases in relative 
surplus value devalue variable capital by diminishing the number of 
hours required to "produce" an hour of labor power.   Is that what you 
mean? wrote:
>> I have mentioned this idea several times on the list, but Jerry
>> seems to be the only one who expressed any sympathy for it.
> Hi Michael:
> Yes, we have been in broad agreement on issues related to the
> moral depreciation of  *constant* capital. But, have you written
> here or elsewhere anything on "the release and tying-up of
> *variable* capital which is the result of the devaluation
> and revaluation of the elements of *variable* capital, i.e.
> the costs of reproduction of labour-power" (Vol 3, Penguin ed.,
> p. 212, emphasis added)?
> In solidarity, Jerry
>> "Depreciation of labour"  may not be the exact phrase used by
>> Marx in _Capital_, but there is a discussion of the "revaluation
>> and devaluation of the variable capital" in Volume III, Chapter
>> 6, Section 2.   After  explaining the release and tying-up of
>> constant capital, he goes on to  discuss variable capital later
>>  on in the section (beginning on p. 209 in the Penguin/Vintage
>> edition).
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Michael Perelman
Economics Department
California State University
michael at
Chico, CA 95929
fax 530-898-5901
ope mailing list

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