Re: [OPE-L] Question

From: Ian Wright (wrighti@ACM.ORG)
Date: Tue Apr 10 2007 - 12:11:19 EDT

> Its not only a mistake, it simply cannot be done.

I have read your paper Ajit, but your critique is based on an
incorrect measure of labour-costs.
It "cannot be done" if one adopts the standard definition of
labour-value, which ignores the commodity money-capital. But this
standard definition is only an appropriate measure of labour-costs in
the context of simple commodity production. In contrast, if one
includes money-capital, then in self-replacing equilibrium prices of
production are proportional to labour-values, and  labour-embodied
equals the labour-commanded by commodities.

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