Joan Robinson dismissed Marx's Labour theory of Value as 'metaphysics''. Sen who knew that Robinson was also taking a dig at his friend Maurice Dobb responded in a paper which showed that Marx's theory was merely mendacious, not metaphysical at all.
In Law, to knowingly suppress some information is the tort of shedding 'false light'. If you are selective of the facts you are still acting in bad faith and so your pants are on fire you disgusting little liar.
Ajit Sinha, in quoting the relevant passage in Sen's paper, takes a different view-
The statement 'Michelangelo made the statue of David' sheds no 'false light'. It suppresses no relevant information. Suppose we learn that some guy invented a new type of chisel and that he showed Mikey how to use it on a specific type of marble. Suppose further that Mikey could not have made such a beautiful statue with out the aid of this inventor. In that case, full disclosure would require us to say 'Michelangelo was helped by such and such guy who invented a new type of chisel to make this statue'.
What about saying 'the workers in the factory produce all the value it creates'? Is that similar to saying 'Mikey made this statue'? No. Not at all. Unlike Mikey, the workers in the factory had no conception of how to make the finished product. They were hired and trained to do specific tasks. They did not act autonomously but under direction and supervision.
I can, with justice, say 'Dyson made my vacuum cleaner'. It may be that it was actually assembled by a particular group or women in China. But I have not shed any false light. I have not acted dishonestly or in bad faith. Everyone knows that Tim Dyson doesn't assemble each machine by himself. It would be absurd to think so.
When I was young, it was true that the Executives came in late and left early and had three martini lunches and were constantly jetting off to some bogus Conference which consisted mainly of playing golf. At any rate, that's what I believed which is why I studied the dismal science. However, the truth rapidly dawned on me that working your way up the Corporate ladder meant 12 hour days and developing chronic hyper-tension. Worse, the guys at the top might have run the company into the ground and debauched the pension fund before you entered their charmed circle. In any case, my strict observance of Hindu orthopraxy- which involves mootradaan to the Plant deity- which is why I habitually relieved myself upon the potted plants in the Board Room- caused the bosses to view me with a jaundiced eye- my aim, in these matters, never being very good.
Oddly, I didn't become a Marxist- and not just because, the Party High Command too takes a dim view of being splattered with urine.
Why?
Perhaps this quotation from Marx, which Sinha highlights, regarding the connection between 'surplus value' squeezed out of workers like me, and the profits pocketed by the Boss Class, can clear up the mystery
If successful entrepreneurs- who by definition are 'practical capitalists'- can't recognize something some guy sitting in a library can figure out- which is that they are ab ovo fucked and should have just stayed home getting drunk- then let's all just stay home getting drunk because showing up for work involves taking the risk that the entrepreneur will have gone bust before our wages get paid.
After all, science- unlike mendacity or metaphysics- is about making correct predictions. Clearly, if the Marxist theory of value is scientific then Capitalism is going to crash sooner rather than later. Why? Well, even as we speak, some 'practical capitalist' might read an article by a Marxist economist and thus the veil will be lifted from his eyes. He will quit his self-defeating occupation. Other Capitalists will ask him why he's staying home getting drunk. He will show them the article. Word will quickly spread. Top hatted Stockbrokers will resort to cannibalistic orgies on the floor of the Bourse. A bloodless Revolution will have occurred. A new regime will take from those with ability so as to give to us because we have become hopeless alcoholics who need to be looked after in our homes.
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