Jon, I apologize for not responding earlier. I've had no e-mail for three days and in wading through a backload of more than 1100 messages.
The answers you got are a very good. I do not recall my exchange with Brad, but the part you clipped, as Gill suggested, was certainly not very complete. Jim mentioned correctly then you must distinguish between price and value. For Marx, value reflects embodied labor, but if the labor is not managed well (according to market demands) by the capitalist, much, if not all, of this labor (value) can be wasted. If somebody would hire me to produce some good that is already abundantly available, then that labor might not bring any rewards for the capitalist, but the good would still have value. -- Michael Perelman Economics Department California State University michael at ecst.csuchico.edu Chico, CA 95929 530-898-5321 fax 530-898-5901
