Re: [OPE-L] Queries about Karl Marx vs Adolph Wagner on value, exchange value and price formation

From: glevy@PRATT.EDU
Date: Sun Sep 23 2007 - 08:07:01 EDT

> Sure the inputs are typically purchased as commodities, but they may
> be purchased at prices above or below their values.

Hi Paul C:

I don't disagree - although, some others on the list (especially from a VF
perspective) I was concerned only in establishing a necessary connection
between value and commodity price - not an identity.

> Thus using market prices and using the economy wide MELT one can estimate
> values with some 90% accuracy.

Allin and you (and some others) made these estimates for the UK and
selected other countries.  It remains to be seen how robust the "90%
accuracy" figure is for other capitalist economies.

In solidarity, Jerry

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