[OPE-L:7426] [OPE-L:958] Re: Re: Marx's Concept of Prices of Production

Fred B. Moseley (fmoseley@mtholyoke.edu)
Sat, 8 May 1999 12:55:51 -0400 (EDT)

Thanks to John for his OPEL 939. I had hoped to respond this week, but
I just haven't had the time (the last week of the semester). And I am
leaving town for a week this afternoon. So my reply will have to wait.
But I shall return.

Just let me say, for the sake of clarification, that I am not saying that
Marx used the term "long-run equilibrium". What I am saying is that
Marx's concept of price of production had the four characteristics that I
have listed in previous posts, and that I am calling prices that have
these characteristics long-run equilibrium prices. If John doesn't like
the term, then we can talk about that. But the main point is that Marx's
concept has these four characteristics. Nothing that John or anyone
else has said is an argument against these characteristics, including
the point about absolute rent. Even with absolute rent, prices of
production outside agriculture still have these four characteristics,
and the long-run average prices in agriculture also have these four

I look forward to further discussion and thanks for your patience.