Re: Jacobinism and the labour theory of value | Paul Cockshott | Midwestern Marx


Michael Meeropol
 

Charlie, that doesn't work --- because labor time is in hours --- we still need a way to turn those hours into a "monetary equivalent" --- if we are using an LTV approach then "labor hours" includes living and "dead" labor (labor congealed in fixed capital and inventories) --- so what dollar figure do we use to multiply the number of labor hours by --- that was my original question ...

the quote from Cockshott says you find the monetary equivalent of labor time by dividing labor hours into total output which BY DEFINITION "proves" the LTV by turning the "evidence" into a tautology --- that is what is confusing me ....that cannot be what Cockshott means ....



On Wed, Jun 22, 2022 at 10:24 PM Charlie <charles1848@...> wrote:
M. M. asks, "Where does the MONETARY EQUIVALENT OF LABOR come from?" Cockshott defined it: "...Marxist economists term the Monetary Equivalent of Labour Time. This parameter can be fixed by looking at the total monetary value of output in an economy versus the total labour used." That is, the total monetary value is the sum of final prices. The total labor used is, for Cockshott, the total hours put in.
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