Added note:

The distinction -- which I believe Hilferding, Bukharin, et alia
introduced among Marxists -- between an "objective" theory of value
and the "subjective" one attributed to the doctrine later known as
"neoclassical," only makes any sense if "objective" is meant in the
sense that value is *socially* objective.  Some people think that
labor is objective while utility is subjective.  Individual labor is a
purely subjective experience.  But then, it is an element of
collective or cooperative labor, and therefore objective, socially
validated, socially objective.  The usefulness of goods, at the level
of individuals is subjective.  But then individual needs are
socialized, and social necessity is socially objective.  Go to a soup
kitchen in the Bronx (or to the Apple store a few hours before the
next iPhone is released) and tell me it's not so.

Labor is the activity of the subject, i.e. subjective.  Some people
quip: We can measure the amount of work by measuring output or the
time length of activity.  That's objective!  Sure, but you can also
measure how "intensely" people want to eat oranges by counting the
oranges they effectively eat or for how long they eat them.  That is
also objective!    Labor is supposed to be guided by design,
forethought, knowledge, purpose.  How do you measure knowledge or
skill?  And how do you measure purposefulness?  Well, people have
developed all sorts of metrics.  Each will give you a partial view of
things.  All of them collectively will give you a richer, more
concrete view, plus or minus an error.  You can attach electrodes to
people skulls and see how their synapses fire up when they carry out
some task, just as you can when they eat an orange.
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