From: Alejandro Valle Baeza (valle@SERVIDOR.UNAM.MX)
Date: Tue Sep 21 2004 - 15:09:15 EDT
Parys predicts discrepancies between labor values and production prices using technical compositions of capital vertically integrated in production-price terms. Pary's two main arguments are:
a) A mathematical demonstration that technical composition of capital vertically integrated in price always predicts correctly the sense of deviations between labor values and production prices.
b) A counterexample probing that the value composition of capital, the variable used by Marx ,fails in at least one case to predict sense of deviations between labor values and production prices.Then this is a critique that seems be both irrefutable and very well argued that way inaugurated by Ian Steedman of considering redundant and contradictory the Marxian theory of value.
Parys, W. (1982). "The Deviation of Prices from Labor Values". American Economic Review: 72(5), pp. 1208-1212.
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