waterfalls and value

[Michael Perelman]

The waterfall reduces the value of the goods.  The quantity of labor in each good
produced with the waterfall is lower.  Whether it produces extra surplus value
would depend on what happens next.  If competition drives prices down toward the
new values, then presumably the workers will exchange a given hour of abstract
labor for high utilities, possibly leaving total surplus value unchanged.
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail [EMAIL PROTECTED]