>On Thu, 6 Jun 1996, Paul Cockshott wrote:
>(among other things)
>
>> >Duncan
>> >The law of value in my opinion is the idea that the value added is an
>> >expression of the living labor expended in a period.
>> >
>> Paul C:
>> If this value that is added is not made manifest as a change in the price
>> of the product relative to the raw materials then the whole marxian theory
>> of profits is an absurdity. You can not have a theory of surplus value
>> without a theory of relative prices.
>>
>Duncan
>Isn't the value added precisely the excess of the sales price over the
>cost of raw materials?
>
Paul C:
Ok, but this is only compatible with your previous assertion, that value
added is an expression of living labour added, if relative prices
correlate positively with relative values. Thus you can not have the
Marxian analysis of exploitation without a labour theory of price
determination.
Paul Cockshott
wpc@cs.strath.ac.uk
http://www.cs.strath.ac.uk/CS/Biog/wpc/index.html