Entanglement between use value and value: a value theory for the New Projectment Economy

A theory of value for the new projectment economy

Abstract

A special case of economic planning arises when the contradictory halves of a commodity align in a curious and highly relevant connection. Following Ignácio Rangel’s (1914-1994) non-dogmatic approach to theoretical Political Economy in his book Elements of Planning Economics, and drawing an analogy with the physical phenomenon of quantum entanglement, this article explains the entanglement between use-value and value by revisiting Marx's and Aristotle’s contributions to value theory. By examining the phenomenon of entanglement that leads to a powerful alliance, both for good and evil, between concrete and abstract wealth, the approach presented here proposes a value theory for the New Economy of Projectment. The article supports the thesis that this alliance is a fundamental feature of China’s current economic planning but that it is also present in capitalist economic planning. Therefore, to politically analyze how the law of value is being controlled is more important than merely assessing the degree of control over the law of value.