Andrew
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I need to clarify: I think we're talking about 2 different kinds of
"theory." Evidently, Paul is referring to a theory that will account for
*specific* differences between profit and surplus-value in specific
industries. I was trying to say that if one says value is determined by
labor-time, then one needs to explain how this law is not violated when
there are differences between profit and surplus-value in individual
industries. This is a theoretical question, and one that does not
require empirical information in order to be answered. It requires a
general answer, one applicable to any and all possible patterns of
discrepancy between profit and surplus-value.
Paul
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If one says that value is determined by labour time, one does not
imply that any law is violated if there are differences between
sv and profit in individual industries, since the latter is a
phenomenon at the level of exchange value rather than value. The
general answer, `applicable to any and all possible patterns of
discrepancy between profit and surplus value' is simply that
exchange value and value are distinct categories, one being
the form of representation of the other.
It may be objected that this is a pretty trite or trivial answer, but a
theory that covers all possible discrepancies can not be anything other
than a very weak theory or statement of generalities. It is only if one
wants to make much more specific predictions, that one needs a stronger,
less general theory.