A few quick notes on value theory To begin with, the major insight from value theory comes from understanding social relations. Direct authority relations exist in feudal societies. The value relations control behavior under capitalism. I agree with what I think Rakesh means in saying that moral depreciation alters social relations.
Firms have to adapt to the law of value, of course. But algebraic estimates of underlying values may not be particularly helpful. Rakesh Bhandari wrote: > In response to Christian: > > > >As a result of moral depreciation, the older means of production as > >use values have not changed; nor has the concrete labor embodied > >therein changed. What changes is the the aliquot of homogeneous, > >social, and abstract labor time represented by those means. The key > >here is the duality of labor--Marx's key discovery. -- Michael Perelman Economics Department California State University [EMAIL PROTECTED] Chico, CA 95929 530-898-5321 fax 530-898-5901
