Re: Re: waterfalls and value

[Michael Perelman]

Not quite, Jason.  The waterfall does not create value on its own.  It only
amplies the productivity of labor.

[EMAIL PROTECTED] wrote:

> . If we define value as
> embodied labor, this is correct. But perhaps we shouldn't. What the waterfall
> example shows is that not all profits come from exploitation of labor, thus
> from value defined as labor values.

--
Michael Perelman
Economics Department
California State University
Chico, CA 95929

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