Lemmy.zip

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The Transformation Problem (redsails.org)
 
 

Classical labor-values measure strictly technical costs of production, whereas natural prices measure social costs of production.

Total labor cost addresses this problem by distinguishing between technical and total labor costs. Technical labor cost corresponds to the classical concept and total labor cost includes additional real costs of production incurred in virtue of non-technical, or social, conditions of production, such as production financed by a capitalist class.

This distinction separates theoretical concerns that are conflated in the classical theory. For instance, labor-values apply to distribution-independent questions about an economy, such as the productivity of labor over time or the quantity of “surplus labor” supplied by workers to capitalists, whereas total labor-values apply to distribution-dependent questions, such as the relationship between nominal prices and the actual labor time required to produce commodities.

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The Transformation Problem - Ian Paul Wright (redsails.org)
 
 

What follows is an unusually long and math-heavy essay compared to other writing on RedSails; not coincidentally, it’s also the first time we’ve had to render math by implementing LATEX. [1] In our opinion the effort is worth it — the transformation problem has dogged Marxism for long enough, and we do not want our readers to be caught by surprise when neoclassical economists (or worse, other Marxists) throw it in their faces.

The political stakes are straightforward: Marxism ceases to be Marxism when it bails on the labor theory of value. Intellectually, Wright’s research opens the door to further investigations of the fault line between capitalist and natural necessity running through economic thought and modeling. [2] [3] It is our hope that further work in this direction will be able to expose more and more concrete ways in which capitalist social arrangements, despite their seeming necessity, are ultimately irrational and superable. — N. F.

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A Category-Mistake in the Classical Labour Theory of Value (redsails.org)
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A Category-Mistake in the Classical Labour Theory of Value (redsails.org)
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