Duncan in [2205] said:
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I lean, because of my interest in money and short-term
macroeconomic stability, to current market prices for many
applications, since those prices are what people actually see and
the money incomes derived from them are what they actually pursue.
(A kind of materialism, if you will.) But there are other interesting
questions about long-term regularities of the structure of production
which may be more clearly understood in other accounting chemes.
(I take the work of Anou, Paul C. and Allin C., and others showing the
structural similarity of market prices to embodied labor coefficients
as being a clue in this direction.)
Dear Duncan,
Could you be more specific for the term, "current market prices for
many applications" ? I should like to call them "market values" in
Marx's terminology. Everyday market prices are fluctuating and so
we use their averages as their representatives, which Marx called
'market values'.
With high regards,
Chai-on Lee