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


sartesian@...
 

On Thu, Jun 23, 2022 at 09:46 AM, Michael Meeropol wrote:
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 ...

That is established in and by the process of exchange, in the conversion of value to price.  Money is the detached representation of value in exchange.  Price is value expressed in money terms; labor time becomes value when its appropriated, or "mediated" by the  wage relation. Value is made manifest as price in markets, in the process of exchange.   We can calculate wages (and benefits) exchanged for production hours.  Is it a bit circular?  Probably.

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