Re: [OPE] Value form theory 101

From: Ian Wright <>
Date: Fri Dec 19 2008 - 20:19:01 EST

Hi Jurriaan

Value-form theorists do identify Rubin as a precursor. But what I like
about Rubin's "Essays on Marx's Theory of Value" is that he emphasizes
that the law of value is the a process that gropes toward an
equilibrium in which prices and labor-values coincide. So the mismatch
between labour-values and prices is not only expected, but an
essential moment of the law.

But value-form theory, to the extent that I understand it, elides the
distinction between labor-value and its monetary expression. So there
cannot be any talk of quantitative mismatches. To this extent, I think
they don't follow Rubin at all.

Rubin has a very good conceptual framework from which to understand
the determinants of price trajectories. I formalized and extended his
approach, given some simplifying assumptions, in a Review of
Political Economy paper. However, I now know that this kind of dynamic
analysis holds up even when those simplifying assumptions are dropped
and can also be extended to the formation of prices of production.

Lot more to say of course, but I agree in general with your view of
value-form theory.

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Received on Fri Dec 19 20:20:50 2008

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