If it is not a theory of price determination what is it?
He certainly uses it as a theory of price determination in his analysis of the
production of relative surplus value.
________________________________________
From: [email protected] [[email protected]] On
Behalf Of Shane Mage [[email protected]]
Sent: Saturday, July 16, 2011 9:16 PM
To: Progressive Economics
Subject: [Pen-l] Law of Value (was Re: interesting)
On Jul 16, 2011, at 11:41 AM, Jim Devine wrote:
> ...the author...makes a very common mistake. He talks about Marx's
> law of value (or "labor theory
> of value') without asking what it is and what its purposes were for
> Marx. As far as I can tell,
> it's not a theory of price determination...
In this connection, it might be good to look at what Marx himself said
he meant (in a famous letter to Dr. Kugelmann):
"...even if there were no chapter on value in my book,
the analysis
of the real relationships which I give would contain
the proof and
demonstration of the real value-relation...the mass of
products
corresponding to the different needs requires
different and
quantitatively determined masses of the total labor of
society.
That this necessity of distributing social labor in
definite
proportions
cannot be done away with by the particular form of
social
production,
but can only change the form it assumes, is
self-evident. No
natural
laws can be done away with. What can change, in
changing historical
circumstances, is the form in which these laws
operate. And the
form
in which this proportional division of labor operates,
in a state of
society where the interconnection of social labor is
manifested in
the
private exchange of the individual products of labor,
is precisely
the
exchange-value of these products. The science
consists precisely in
working out how the law of value operates."
Shane Mage
"scientific discovery is basically recognition of obvious realities
that self-interest or ideology have kept everybody from paying
attention to"
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