From: Ian Wright (wrighti@ACM.ORG)
Date: Mon Mar 26 2007 - 16:12:47 EDT
Sorry Allin I didn't get around to replying to you directly. > Ian, could you explain why you think that is the case? Simply that dropping the assumption of uniform profits, and replacing with a distribution of profits, will not alter the usual criticisms: that the standard labour-value rate of profit is not the price rate of profit, and that standard labour-value is not conserved in price. (I should mention that this is my intuition, I have not spent time to prove this). My guess is that, in theory, if a diagonal matrix of profit-rates were to be negatively correlated with sectoral organic compositions then the resulting prices will be positively correlated to standard labour-values (direct prices). Perhaps the empirical results, which show that market prices are somewhere inbetween proportionality to direct prices and prices of production, indicate that the production of new surplus-value disrupts the tendency to profit equalization. But I do not see how such empirical results directly address the TP; first, because they adopt the standard definition of labour-value, which I question, and second, because the TP is a logical-conceptual problem about conservation of labour-value in price under ideal theoretical conditions. Best, -Ian.
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