on 2/3/02 02:40 PM, Michael Perelman at [EMAIL PROTECTED] wrote: > Here is the difference between Justin and Miyachi and my understanding. > > They seem to look at the value of the depreciated computer EX POST -- > after the fact. The problem that i see is ex ante. How do you set the > value of the product made with the computer years before the depreciation > occurs? I can expect a future path of depreciation but I cannot know it. > -- > Michael Perelman > Economics Department > California State University > Chico, CA 95929 > > Tel. 530-898-5321 > E-Mail [EMAIL PROTECTED] > Sir Michael Perelman Answer is easy. Below is fundamental category due to which Marx develop his capitalist critique
"A use-value, or useful article, therefore, has value only because human labour in the abstract has been embodied or materialised in it. How, then, is the magnitude of this value to be measured? Plainly, by the quantity of the value-creating substance, the labour, contained in the article. The quantity of labour, however, is measured by its duration, and labour-time in its turn finds its standard in weeks, days, and hours. We see then that that which determines the magnitude of the value of any article is the amount of labour socially necessary, or the labour-time socially necessary for its production. [9] Each individual commodity, in this connexion, is to be considered as an average sample of its class. [10] Commodities, therefore, in which equal quantities of labour are embodied, or which can be produced in the same time, have the same value. The value of one commodity is to the value of any other, as the labour-time necessary for the production of the one is to that necessary for the production of the other. "As values, all commodities are only definite masses of congealed labour-time." [11] "The value of a commodity would therefore remain constant, if the labour-time required for its production also remained constant. But the latter changes with every variation in the productiveness of labour. This productiveness is determined by various circumstances, amongst others, by the average amount of skill of the workmen, the state of science, and the degree of its practical application, the social organisation of production, the extent and capabilities of the means of production, and by physical2 conditions
