Inviting the Vampire in: Value and Thermodynamic Depth

Abstract

We refute the objection raised against Marx's theory of value by Philip Mirowski (that it is an internally inconsistent amalgam of the substance and social model of value) by identifying value insofar as it subsists between production and exchange with the property in statistical mechanics known as thermodynamic depth. In production, concrete labor time is converted into the thermodynamic depth embodied in commodities. In exchange, the thermodynamic depth of commodities is converted back into time again, albeit, at this point in the circuit, the time into which it is converted is socially necessary labor time, i.e., abstract labor. Consistently with the social model of value, value increases can (as Mirowski points out) arise where changes in the conversion factor between time and thermodynamic depth take place between production and exchange, but (consistently with the substance model) the thermodynamic depth of commodities can only be increased in production.