[OPE-L:4542] reply to Fred (2)

From: Rakesh Narpat Bhandari (rakeshb@Stanford.EDU)
Date: Mon Nov 20 2000 - 04:35:27 EST

>This is a general response to Rakesh's recent posts.  I hope to address
>the main issues between us. 
>1.  To begin with, my interpretation is NOT that price is determined by
>the sum of cost-price and surplus-value (and I don't think this is
>Andrew's interpretation either). 
>I have explained in several papers (including my recent RRPE paper on the
>"new solution" we discussed last summer) and numerous OPEL posts
>(including two long ones back in August, #3697 and #3698) that, according
>to my interpretation of Marx's theory, price (P) is determined by the sum
>of transferred value (TV) and new-value (NV); i.e.
>(1)	P   =   TV + NV
>I have argued further that TV is equal to the given money constant capital
>(i.e. equal to the actual sums of money-capital invested in the purchase
>of means of production), and that NV is determined by the product of m
>(money-value produced per hour) and Lc (the number of hours of current
>abstract labor); that is,

Fred, I need some evidence that Marx determined the value of a 
commodity by adding to NV the value of the money sum needed to 
purchase (at current costs?) the means of production used up in 
making it.

I have given you evidence where Marx refers only the value of the 
used up means of production themselves as the transferred value.


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