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Paul writes, in part,
>Why, Mike is there any problem with explaining profit for you, why bring
labour
>into it at all if you dont think labour regulates prices.
>
Here's one way of answering: the validity of the "fundamental Marxian
theorem", which asserts the logical equivalence of positive rate of profit
(in real or monetary units) and positive rate of exploitation (in labor
units) does not depend one way or another on the proposition that labor
"regulates" prices. Viewed from this angle, this significance of surplus
labor for the existence of profit is logically independent of the latter
hypothesis. Gil
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