Re: [OPE-L] price of production/supply price/value

From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Wed Feb 08 2006 - 04:01:46 EST

Ian Wright wrote:

>F&M, and your good self, reject a premiss of the TP -- that is
>realised uniform profit rates. No doubt uniform profit is unrealistic
>and prices of production are "ideal" prices. The question remains,
>however, why Marx's value theory doesn't appear to function as he
>hoped/intended in this ideal case (at least according to the N-R
At the very least one should ask 'is M's theory an acceptable
approximation to the truth'.
As far as I am aware nobody has explicitly tested it. The literature
comparing prices of production to values empirically, compares
fully transformed prices to and values to market prices and to
one another.
Do you know of anyone who has tested M's procedure against
real data?
One would have to first compute labour values, then using these
do an estimation of prices of production without transforming
intermediate inputs.

Paul Cockshott
Dept Computing Science
University of Glasgow

0141 330 3125

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