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Riccardo wrote in [2477]
>
>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.
The law of value is not the law of labour value. It is much more general,
at least in my interpretation of Marx's quotations I sent you. It is a very
important instrument of abstraction from market disequilibrium and unegual
exchange in commodity markets.
Best,
Ernesto
Ernesto Screpanti
Dipartimento di Economia Politica
Piazza S. Francesco 1
53100 Siena
tel: 0577 232784
fax: 0577 232661
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