[OPE-L:4666] value determination (was retracting criticism...)

From: Rakesh Narpat Bhandari (rakeshb@Stanford.EDU)
Date: Sun Dec 10 2000 - 23:55:47 EST

Hi Fred,

I want to radically simplify things here.

You have correctly said that my formula for the determination of 
value is the value of the means of production + current labor or 
newly added value (we'll forget raw materials):

(1) Lp + Lc => V

At times Marx keeps the assumption that (simple) price is equal to 
value with m as the factor of proportionality, which he often drops:

(2a) Ps = m (Lp + Lc)
(2b) Ps <> V

However prices of production (k + kr) are not proportional to values

(3) Pp >< V

Now my simple question for you is what is your formula for value 
determination and your formula for price of production determination.

I thank you for the detailed, stimulating reply, and will of course 
need to think it over.

Comradely, Rakesh

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