Andrew
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Allin suggests that this makes prices "theoretically prior" to values.
Actually, it doesn't--*input* prices are *temporally* prior to output
values, but the "value" rate of profit
r = (LX - p(t)bLX)/(p(t)[A+bL]X)
enters into the determination of output prices:
p(t+1) = p(t){A + bL}(1+r)
Paul
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Does this not require the prior assumption that there exists
a uniform profit rate?
This is empirically questionable and anyway belongs to a different
level of abstraction to that appropriate for examining the concept
of value.