What is the "algebraic theory"? Bortkewicz-style "solutions" to the so-called transformation problem? I think those are of extremely limited interest, since the purpose of the law of value isn't to allow the calculation of prices. -- Jim D.
-----Original Message----- From: Michael Perelman To: [EMAIL PROTECTED] Sent: 2/3/02 3:32 PM Subject: [PEN-L:22284] Re: RE: Re: Re: value and price: a dissenting note I agree with you, except the algebraic theory presumes ex ante -- values today that depend on conditions in the future. On Sun, Feb 03, 2002 at 05:44:45AM -0800, Devine, James wrote: > > I've argued in the past (e.g., my 1990 article in RESEARCH IN POLITICAL > ECONOMY) that values make sense as an _ex post_ (and true-by-definition) > accounting framework. Obviously, _ex ante_ matters matter, in helping to > determine values. But, for example, in realization crises (in which profits > which seem to have been produced _ex ante_ turn out not to be so _ex post_). > My impression is that what Marx emphasizes is what actually occurs in > practice, i.e., _ex post_ values. > JDevine > -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]
