[OPE-L:7161] [OPE-L:668] Re: Market Values and Market Prices

John R. Ernst (ernst@PIPELINE.COM)
Sun, 14 Mar 1999 12:19:46


Thanks for noting my "interesting question." Perhaps someday
it will be addressed.

You're right market values are discussed in Vol. III, Ch. 10.
In doing so, Marx also introduces the role demand plays in
the formation of market values. To examine the manner in
which demand is both the effect and cause of changes in
market value we need to deal with the accumulation process
itself. Can we do this?

As long as we insist on measuring profitability as though
fixed capital does not exist or, put another way, with a
simple rate of profit calculation, the movements of capital
from one sector to another in response to changes in
profitability will appear mysterious. That is, to understand
market values and market prices and their roles in the
accumulation process, we need to take into account how capitalists
measure profitability.


At 09:16 PM 3/13/99 -0500, you wrote:
>Hi John. You asked in [OPE-L:665]:
>> Before asking where market prices fit into the picture, why not ask
>> where market values would be located? Here, we encounter one of
>> Marx's changes in plan. In the Jan. 1863 plan, what we know as
>> Chap. 10 of Vol. 3 did not exist.
>Interesting question. But, as you must know since you refer to Ch. 10 of
>Vol 3, the category of market value is discussed there. Are you
>unsatisfied with the treatment of that topic in Chapter 10? If so,
>Or are you suggesting (contra Fred) that the categories of market price
>and market value are best analyzed at the level of abstraction of Volume
>3, Part Two?
>In solidarity, Jerry