4 Conclusion
Value is numerated in exchange. In its process, unobservable profit at
exchange is added. Therefore, numerated value differs from prenumerated
value, a distinction overlooked by Marx. This distinction is crucial
because it implies that sales also create value and labor is not the
sole determinant of surplus value. Therefore, the Marxian labor theory
of value is incorrect and the exploitation concept fails to account for
the exploitation at consumption.
In the domain of numeration of value, a recognition problem exists: the
retroactive causal recognition of added value, which has long obscured
the discussion about value and price. In fact, first, price is
determined at exchange, then added value is calculated. The Marxian
price theory predetermines the effect in causality. The series of
discussions presented in this study have demonstrated a solution for the
transformation problem. Since both the Marxian value and price theories
are erroneous, transformation is impossible. The solutions by the
interpretations cannot present the true solution.
Although it has been previously thought that value is only created by
production, this is not so as sales also create value. Such a new
perspective, we believe, upsets the value concepts that many people
including neoclassical economists believe and can thus pave the way to
reconstruct value and innovation theories.
In section III, we indicated that dynamics of structure lay beneath the
process of value determination. Market exchange is communication
mediated by profit. Price beyond the singular point is discontinuous
with the value before it. Therefore it is unable to grasp the economy
correctly.
Economy consists of not only a surface economic activity but a deep
practice to structuralize value. Therefore, this paper consisted of the
two sections. Economists will have no concern with regard to the second
argument. However, we have indicated that the concept of the singular
point is useful to understand the confusion of the transformation
problem.
Profit at exchange cannot be definitively proven, but this study
concludes that it exists between value and price as a phenomenon of the
singular point of structure.
Marx’s Capital is the myth of the value creation in the singular
point. It brings many people a situation of communitas. Almost nothing
has been yet known in terms of the mystery of the singular point. We
suggested the possibility that ICT innovation may enlarge the inequality
of economy. On the basis of new understanding of the singular point, is
a new theory to replace Marx possible? It is hard to predict, but at
least we have a place to begin.
ReferencesBowles S. and Gintis H. (1981). Structure and practice in the labor
theory of value. In Review of Radical Political Economics, 12,
pp.1–26.
Duménil, G. (1983). Beyond the Transformation Riddle: A labor theory of
value, Science & Society 47:4, pp.427–450.
Foley, D. K. (1982). The Value of Money, the Value of Labor Power and
the Marxian Transformation
Problem, Review of Radical Political Economics, 14 : 2, pp. 37–47.
——–(2000). Recent Developments in the Labor Theory of
Value, Review of Radical Political Economics, 32 : 1, pp. 1–39.
Iwai, K. (1993). Kaheiron, Chikuma-shobo.
Karatani, K. (1986). Tankyu I, Kodansha.
Kliman, A. (2007). Reclaiming Marx’s “Capital” A Refutation of
the Myth of Inconsistency, Lexington Books.
Lévi-Strauss, C. 1969(1949). The Elementary Structures of
Kinship, Beacon Press.
Marshall, A. (1907). Principles of Economics(5th ed), London: Macmillan.
Marx, K. 2014(1867). Capital A Critique of Political Economyvol.I, On-Line Version: Marx.org 2014.
———-2014(1894).Capital A Critique of
Political Economy vol.III, On-Line Version: Marx.org 2014.
Morishima, M. (1973). Marx’s Economics: A Dual Theory of Value and
Growth,
Cambridge University Press.
Moseley, F. (2000). The “New Solution” to the Transformation Problem:
A sympathetic critique, Review of Radical Political Economics32:2, pp.282–316.
Ricardo, D. (1821). On the Principles of Political Economy and Taxation
3rd edition, London: John Murray.
Roemer, J. E.(1982). A General Theory of Exploitation and Class ,
Cambridge University Press.
Samuelson, P. A. (1971). Understanding the Marxian Notion of
Exploitation: A Summary of the So-Called Transformation Problem between
Marxian Values and Competitive Prices, Journal of Economic Literature,
Jan 1971.
Saussure, F. D. 2011(1959). Course in General Linguistics ,
Columbia University Press.
Sraffa, P. (1960). Production of Commodities by means of
Commodities , Cambridge
University Press.
Steedman, I. (1977). Marx after Sraffa , Schocken Books.
Turner, V. (1969). The Ritual Process: Structure and
Anti-structure , Chicago Aldine Pub.