From: glevy@PRATT.EDU
Date: Tue Jan 16 2007 - 09:12:13 EST
> I think the notion of unequal exchange does not require reference to the > LTV at all, since the whole UE argument can be stated in terms of prices. Hi Jurriaan, The issue posed by the article which initiated this thread is whether a theory of UE can be developed "without recourse to the notion of value". Note that the claim did not specificly or exclusively concern the LTV. When you say that a "the whole UE argument" can be stated in terms of prices, I disagree with the idea that the "whole" argument can be presented in that manner. That's because ***any theory of price determination implictly or explicitly assumes a theory of value.*** A "whole" argument makes explicit what is implicit in a theory. Some might say that supply and demand determine prices. The issue then would be what determines supply and demand and that question then brings us back to a theory of value. The original Singer-Prebisch thesis, as Alejandro pointed out, assumed a marginalist theory of value. In solidarity, Jerry
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