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I think there is a useful intermediate position between Allin/Paul
and Michael:
Value exists 'objectively' but in a curious way such that it cannot
be measured empirically in any direct way. Value is congealed
abstract labour. Here abstract means non-sensuous so not
observable. Rather all we can observe is price. Price is the only
appearance form of value, yet it quantitively diverges from value
(randomly, due to contingencies of circumstance and
systematically due, eg., to differing OCCs).
But note that value does tether price. It has effects. It is real.
This gives Marx's distinction bewteen the 'immanent' and 'external'
measure of value. The former is abstract labour time; the latter is
price. (Elson).
In Hegelian terms value behoves to a Logic of Essence, rather than
a Logic of Being. (Murray)
Andy.
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