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Comment by sewercake

'nothing to do with profit' is a pretty strong claim. I think Marxists (and others) would argue that the two are stochastically linked. Decreases in the value of a good (the amount of labour-time used to generate it) roughly tracks with a decrease in the price (and thus amount of profit that the producer gets for each item) over longer time frames. I think that's what the author was implicitly referring to but I may be wrong!

As for financialization and profit: I think contemporary labour-value theorists, and even Marx, talk about fincancialization as 'fictitious capital'. The 'value' of financial instruments comes from the claim on future labour-time, and is thus generally parasitic for a well-functioning economy. Cedric Durad is a recent example of this. I'm stepping into territory I know very little about though, so take what I'm saying with a grain of salt / generously.

parent sewercake 7 years ago

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