Re: [OPE-L] questions on the interpretation of labour values

From: Allin Cottrell (cottrell@WFU.EDU)
Date: Fri Mar 23 2007 - 22:13:37 EDT

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On Fri, 23 Mar 2007, Ian Wright wrote:

> The property of a realised general rate of profit, that is
> uniform profits, is not essential to demonstrate the existence
> of a transformation problem. The mere existence of capitalist
> profits, however distributed, causes a problem for the classical
> labour theory of value.

Ian, could you explain why you think that is the case?

(In a historical sense, Adam Smith believed this; then Ricardo
pointed out why Smith was wrong.  But I don't suppose your grounds
are the same as Smith's.)

Allin Cottrell

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