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shano's avatar

Love it, it's important to have consistency in times of attention span of 2 mins and being behind these same ideas for 20+ years makes it historical.

David MacLeod's avatar

I very much appreciate this post, as I've been thinking about Value Theory quite a lot, and I resonate with this regenerative approach.

I think we need to integrate economic value theory with philosophical and religious value theory, and I've come to call my approach A Process Theory of Value. It is rooted in Whitehead's process-relational philosophy, but the Process Theory of Value title comes from Robert "Doc" Hall's book, Compression. Hall had a background in industrial production and quality control, which puts a lot of emphasis on things like process mapping.

We need to be thinking of our human production processes in more regenerative frameworks. As John Fullerton wrote in a recent Substack post:

"[Regeneration] is the process by which life itself works. Nothing more, but critically nothing less.

Every living system sustains and builds itself through the regenerative process: taking the outputs of one cycle as the inputs of the next, complexifying over time, creating conditions increasingly favorable to more life as biologist Janine Benyus teaches. This is not a design principle we invented. It is the operating logic of the living world, running without interruption for four billion years. Perhaps the entire life of the universe too!”

https://johnfullerton101.substack.com/p/what-if-our-doors-of-perception-were

BTW, I would love to get Franz Nahrada's take on what I believe to be two very important and relevant papers by Steve Keen.

1. "Use-Value, Exchange Value, and the Demise of Marx's Labor Theory of Value."

"...a careful examination of the development of Marx's logic uncovers the profound irony that, after a chance re-reading of Hegel, Marx made a crucial advance which should have led him to replace the labor theory of value with the theory that commodities in general are the source of surplus."

2. "The Misinterpretation of Marx's Theory of Value."

"This modern re-evaluation of Marx raises the question of how the traditional view [of the Labor Theory of Value] developed in the first place."

The above two papers have recently been combined and reformatted, and available here:

https://www.patreon.com/ProfSteveKeen/posts/use-value-and-of-73326644

And finally, let us not forget the important contribution of Peter Pogany, helping us to center value theory in thermodynamics in his paper on "Value and Utility in a Historical Perspective."

https://mpra.ub.uni-muenchen.de/43477/

Pogany makes thermodynamics the focal point (an "entropic theory of value"), AND highlights the relevance of what you're calling "the integral left," but with reference to Jean Gebser rather than Ken Wilber - and this makes all the difference!

"History has witnessed the material de-essentialization of value and substantialization of utility. But now the two concepts face a thorough transvaluation as the world’s combined demographic and economic expansion encounters ecological/physical limitations. An extended macrohistoric implosion may lead to a third form of global self-organization: two-level economy/maximum bank reserve money/strong multilateralism (GS3). If history unfolds along the suggested path, not only economics, but also thinking about economics would change. It would be considered an evolving hermeneutic of the human condition expressed through global-system-specific texts. The implied critical alteration, with the recognition of the entropy law’s importance as its focal point, matches the prediction of Swiss thinker Jean Gebser (1905-1973) about the impending mutation of human consciousness into its integral/arational structure. ."

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