[OPE-L:1096] Re: does price affect value

Paul Cockshott (wpc@clyder.gn.apc.org)
Fri, 16 Feb 1996 17:52:46 -0800

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Rather than me being bothered by the fact that the TSS values aren't
L{(I-A)**-1), I'd suggest that proponents of the latter get a little
bit bothered by the fact that their "values" are wholly incompatible
with the determination of value by labor-time, and thus with Marx's
_Capital_. And this is the case even apart from price/value deviations,
as the above has made clear.

Simultaneity is a red herring.

I would be quite happy with a determination of values as

v(t) = v(t-1)A +L(t)

what I object to is the use of price rather than value
in the right hand side. This destroys the labour theory
ov value, and seems to me to be a reversion to smiths
'labour commanded' theory of value.