Re: [OPE] Market socialism [the false assumption of the law of value]

From: Dave Zachariah (
Date: Thu Jul 03 2008 - 03:42:19 EDT

Alejandro Agafonow wrote:
> This is not good. Not even as a hypothesis. If this would be true, why 
> C&C devised a planner that consciously reallocates labour time 
> following supply and demand signals?

Alejandro, it seems to me that you have mixed up the issues at stake here.

   1. The labour theory of value, as a theory of how economies governed
      by market exchange operates.
   2. The possible use of labour values in a planned economy.

If you have a planned economy with some sort of prices there is no 
market mechanism by which they can gravitate around labour values. This 
says nothing about whether the labour theory of value holds as a 
scientific theory about market exchange.

> Because labour rotates around prices, as I agued here some time ago. 
> The reallocation of labour time doesn’t happen spontaneously. You need 
> planners or entrepreneurs consciously reallocating labour.

You claimed that 'labour values spins around prices' some time ago, and 
I claimed it was nonsensical but you never replied to this argument: For 
a given commodity-type during a period of time its labour value 
(singular) is fixed or slowly varying but there is a multitude of market 
prices that vary over time and space.

Therefore it would be conceptually wrong to say that 'price is the 
center of gravity for labour value'.

//Dave Z
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