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

From: Ian Wright (wrighti@ACM.ORG)
Date: Wed Feb 08 2006 - 20:18:12 EST

Hi Paul

> 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.

I don't think Marx's unfinished/incomplete transformation procedure
can form the basis for empirical investigation. My interest is in
understanding better the theoretical claim of conservation of value in
price. A better understanding of that may or may not have consequences
for operationalising the labour theory of value. Your empirical
results on price/value correlation and organic composition/profit-rate
really do undercut the N-R critique from another angle. F&M also did a
great thing binning determinism. But I am still intrigued about why
simultaneous determination and uniform profits should cause our value
theory so much trouble. In the past I have felt that's maybe because
the "special case" is not a reachable fix-point in a dynamic theory of
capitalism. But now I am beginning to think that there's a conceptual
error hidden in the TP itself, which is why I'm mulling it over.


This archive was generated by hypermail 2.1.5 : Fri Feb 10 2006 - 00:00:02 EST