Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.2 9/5/84; site uwmacc.UUCP Path: utzoo!linus!philabs!cmcl2!seismo!uwvax!uwmacc!myers From: myers@uwmacc.UUCP (Jeff Myers) Newsgroups: net.politics.theory Subject: Re: What is "capitalism"? Message-ID: <1008@uwmacc.UUCP> Date: Tue, 30-Apr-85 11:19:05 EDT Article-I.D.: uwmacc.1008 Posted: Tue Apr 30 11:19:05 1985 Date-Received: Wed, 1-May-85 06:39:57 EDT References: <441@gargoyle.UChicago.UUCP> <1831@topaz.ARPA> Organization: UWisconsin-Madison Academic Comp Center Lines: 31 > > Capital, especially if we include "intellectual capital" or knowlege, > is necessary to material progress. Capital does not merely represent > stored or frozen labor (the Marxian view) as if one had put it into a > bag; capital is a labor *amplifier*, such that the the labor required > to build the capital, plus the labor to use it, sum to less labor than > that necessary to build the same ultimate product "from scratch". > > --JoSH Hm. I'm a bit confused here. 2+2=5. It may take less labor TIME to build 5000 widjets using a lathe (including labor time to build the lathe) than to chisel and sand them, but I fail to see how this makes the lathe any less stored labor. Yes, the lathe does increase the productivity of labor. This means, according to the labor theory of value, that the VALUE of an hour of this more productive labor is higher than the VALUE of an hour of the chisler's time. JoSH is correct in emphasizing the heightening of productivity thru various forms of stored labor (physical capital and expertise (knowledge which has been incorporated into an individual)). However, methinks he is pointing this out to discredit Marx. Perhaps he should go back and re-read Volume one of *Capital*. The distinction between labor time and labor value is quite important in figuring things out. -- Jeff Myers The views above may or may not University of Wisconsin-Madison reflect the views of any other Madison Academic Computing Center person or group at UW-Madison. ARPA: uwmacc!myers@wisc-rsch.ARPA UUCP: ..!{ucbvax,allegra,heurikon,ihnp4,seismo}!uwvax!uwmacc!myers