Re: [OPE-L] Question

From: Howard Engelskirchen (howarde@TWCNY.RR.COM)
Date: Sun Apr 08 2007 - 00:05:47 EDT 

Hi Allin,

I don't follow this at all:

> This is an old misunderstanding of Marx, which has the effect of
> dissolving the distinction upon which he insisted, between values
> and prices.  Take your point to its logical conclusion and the
> "true" (ex post) amount of socially necessary labour time >embodied in a
commodity is always given by... its market price.

Wasted labor does not create value; what exactly is the logical conclusion
of this and why does it make labor time a function of market price?  And
what is the old misunderstanding?

Howard
----- Original Message -----
From: "Allin Cottrell" <cottrell@WFU.EDU>
To: <OPE-L@SUS.CSUCHICO.EDU>
Sent: Saturday, April 07, 2007 10:34 PM
Subject: Re: [OPE-L] Question


> On Sat, 7 Apr 2007, glevy@PRATT.EDU wrote:
>
> > Thus, if 'commodities' are not sold then the labor time which
> > was used to create them has not been socially validated as
> > necessary/useful and hence the magnitude of that labor is
> > _subtracted_ from the total amount of labor which (potentially)
> > creates value.
>
> This is an old misunderstanding of Marx, which has the effect of
> dissolving the distinction upon which he insisted, between values
> and prices.  Take your point to its logical conclusion and the
> "true" (ex post) amount of socially necessary labour time embodied
> in a commodity is always given by... its market price.
>
> Allin.

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