Re: [OPE-L] Unequal Exchange "without recourse to the notion of 'value'"?

From: glevy@PRATT.EDU
Date: Tue Jan 16 2007 - 09:12:13 EST

> I think the notion of unequal exchange does not require reference to the
> LTV at all, since the whole UE argument can be stated in terms of prices.

Hi Jurriaan,

The issue posed by the article which initiated this thread is whether a
theory of UE can be developed "without recourse to the notion of value".
Note that the claim did not specificly or exclusively concern the LTV.

When you say that a "the whole UE argument" can be stated in terms of
prices, I disagree with the idea that the "whole" argument can be
presented in that manner.  That's because ***any theory of price
determination implictly or explicitly assumes a theory of value.***
A "whole" argument makes explicit what is implicit in a theory.

Some might say that supply and demand determine prices.  The issue then
would be what determines supply and demand and that question then brings
us back to a theory of value.  The original Singer-Prebisch thesis, as
Alejandro pointed out, assumed a marginalist theory of value.

In solidarity, Jerry

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