Re: [OPE-L] SV: [OPE-L] what is irrational in the functioning of capitalism?

From: Allin Cottrell (cottrell@WFU.EDU)
Date: Thu Nov 30 2006 - 00:30:43 EST

On Wed, 29 Nov 2006, Rakesh Bhandari wrote:

> What Samuelson and Steedman emphasize is that the quantitative
> allocation of social labor time is determined by the techniques
> of production... But once we have the techniques of production
> in terms of which the allocation of social labor time is
> ultimately determined, it could be argued, prices and profits
> can be determined without any reference to values.

(I know you're not agreeing with this point of view.)  My point of
criticism of this argument is that "technical conditions" suffice
to determine prices _only on the counterfactual assumption of an
equal rate of profit_.  A robust labour theory of value does not
depend on that assumption.

Allin Cottrell

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