From: Jerry Levy (Gerald_A_Levy@MSN.COM)
Date: Wed Feb 21 2007 - 08:56:56 EST
> In my opinion, values and market prices determine each other mutually. Hi Diego: I would put it somewhat differently. (surprise.) I would say that use-value, value and exchange-value (and the necessary form of appearance of the value-form, price) are all mutually constitutive of the commodity. In that formulation, value does not "determine" market prices or vice versa: both are necessary aspects of commodities. The point that I made to Phil is that (even if there is no representation of value other than through price) this is not (by itself) a theory of value *determination*. > As a general theory it should be assumed that m = m, different from both w > and p. By itself, that's not a general theory: it's an axiom and an identity. > I show in the paper that if we assume this, it is possible to keep all > Marx's equalities: total prices = total values, total profits = total > surplus value, one single rate of profit and so on. Total values = total prices? Shouldn't it be, in Marx's theory, total values = total PoP. This is a necessary qualification because there are objects which constitute wealth and come to be valued and have a price which do not constitute value. (See my reply to Paul C). In solidarity, Jerry
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