[OPE-L:4341] Re: Re: Re: Re: Price-Value Equivalence!

From: Paul Zarembka (zarembka@ACSU.BUFFALO.EDU)
Date: Sat Oct 28 2000 - 09:51:24 EDT

Andrew, Thanks for your clarification.  And just because there are so many
possibilities I'd stay with price-value equivalence rather than
price=value, regardless if Marx wrote "Prices equals values".  One British
pound, for example, is not equal to any measure of labor hours or
fractions thereof.  Price=value masks the alternatives you elaborate.  

In any case, I don't see this particular discussion as being of
significance but I do think the abstraction in Volume 1 from variations
across industries of differing compositions of capital is of significance. 
Paul Z.

******************** http://ourworld.compuserve.com/homepages/PZarembka

"Andrew_Kliman" <Andrew_Kliman@email.msn.com> said, on 10/28/00:

>You use the expression "a monetary and the value measure of prices."  I
>don't think value in Marx's theory is a measure.  Value is rather that
>which all commodities have in common, the "third thing" behind
>exchange-values.  VALUE has two measures, acording to the first page of
>Ch. 3, labor-time and money.

>In one sense, "price" is value measured in money.  But Marx also uses
>price in a different sense:  to refer, not to the measure of value, but
>to the magnitude of value.  I.e., price in this sense is an amount of
>value received for something that differs from its own value.  The
>concept of price of production uses "price" in this sense.  Marx's values
>and his prices of production are both measured in money.  They must have
>the same measure or it would be impossible to say that they are unequal.

>So "price" as value received in exchange can be measured in both
>labor-time and money, and the commodity's value (value produced) can be
>measured in both labor-time and money.  Of these 4 possibilities, 3
>appear directly in Marx's work, all but the labor-time measure of value
>received in exchange, and it follows naturally from what he says.

>"Prices equals values," as I noted, is Marx's expression.

>Andrew Kliman

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