[OPE-L:65] [OPE-L:301] Re: Re: Re: Re: Chapter 1

Ajit Sinha (ecas@cc.newcastle.edu.au)
Fri, 06 Nov 1998 16:38:06 +1100

At 23:18 5/11/98 -0500, you wrote:
>> By the way, what is value? ajit sinha
>I know this definition is not favoured by all list members, but
>I have always understood "value" to mean the labour-time
>socially necessary for the production of any given commodity.
>This definition makes possible, but does not prejudge, the
>question whether actual exchange ratios are in line with values.
>Allin Cottrell.

This is the definition of value one finds in Marx, in my opinion (I would
only add or change production to reproduction). But once we accept this
definition then the whole argumet about that exchange is a relation of
equality and it is a relation of equal value will not follow. In the
context of Marx one needs to carefully keep the concept of value separate
from the concept of prices; and again the concept of market prices should
be kept separate from prices of production.
Cheers, ajit sinha