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At 19:52 +0100 2-03-2000, Prof. Ernesto Screpanti wrote:
>In other words the law of value is the law that determines production prices
>through competition. It serves to Marx to make sure that exploitation (at
>the highest level of abstraction) does not occur in the market through
>unequal exchange.
I thought that the law of value states, among other things, that whatever
prices you consider, they represents nothing but labour in monetary form
(and, I would add, that the new value produced in the period has its origin
only in the living labour of the wage workers). This is independent from
the form of competition. By the way, once you are able to ground the idea
that the new value comes only from living labour, to call a 'law' the fact
that prices simply redistribute that magnitude is a bit excessive (even if
Marx may have said something of the kind). I would call it a secondary and
necessary consequence of the argument that posits "my" law of value.
riccardo
Riccardo Bellofiore
Office: Department of Economics
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