# Re: [OPE] peanut butter value-form theory

From: Allin Cottrell <cottrell@wfu.edu>
Date: Tue Apr 07 2009 - 19:43:51 EDT

On Tue, 7 Apr 2009, Philip Dunn wrote:

> On Tue, 2009-04-07 at 10:12 +0100, Paul Cockshott wrote:
> > Philip Dunn wrote:
> > > On Mon, 2009-04-06 at 20:52 +0100, Paul Cockshott wrote:
> > >
> > >> Philip
> > >> Also note that, in the TSSI, the MELT defined as total price over total
> > >> value is equivalent to total money value added over total labour time of
> > >> living labour. In this context, 'living labour commanded' and 'dead
> > >> labour commanded' are equal.
> > >> ----------------------------
> > >> But does that not apply only at the average social level not for individual commodities even in the TSSI?
> > >
> > > I think it does apply to the individual commodity level. Call the real
> > > price of commodity x the dollar price times the real value of money
> > > where the real value of money is aggregate labour-time over aggregate
> > > dollar wages. Call the absolute price of commodity x the dollar price
> > > times the absolute value of money where the absolute value of money is
> > > aggregate labour time over aggregate money (dollars) value added.
> > >
> > > True in TSSI, the value of produced commodities deviates from their
> > > absolute prices (dollars divided by TSSI MELT) -- except that constant
> > > capital in the TSSI is valued at its absolute price!
> > >
> > > In a VF approach there no such deviations. Absolute price are equal to
> > > intrinsic values.
> > >
> > In that case it seems pretty vacuous and untestable as theory.
> > How can you empirically determine if it is true or false?
>
> It is just accounting. Empirical testability is not relevant.

Not relevant?

> Value accounting can be done whatever prices happen to be. One
> of its advantage is that it maintains money as the universal
> equivalent. If price value deviations are admitted money is an
> non-equivalent.

Translation? "If prices and values are defined in such a way that
there can be no deviations between them, then there can be no
deviations between them". Why would one want money to be a
"universal equivalent" if this status were achieved by fiat?
What is gained?

Allin Cottrell
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Received on Tue Apr 7 19:45:41 2009

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