[OPE-L:463] Re: Clarification re price/value theory

Paul Cockshott (wpc@clyder.gn.apc.org)
Thu, 9 Nov 1995 22:53:28 -0800

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This points up the importance of the coefficient I called the "value of
money" (hours/$) and others prefer to call the "monetary expression of
value" ($/hr) relating money and labor time magnitudes. In my work on
value theory I have (along with Gerard Dumenil) tried to argue that this
should be defined as the ratio of the living labor time to the value
added in production in a given period.

this, of course, is the measure that one tries to estimate per industry
when working with i/o tables to estimate values.