Re: [OPE-L] price of production/supply price/value

From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Wed Jan 25 2006 - 04:54:07 EST


Rakesh writes (in big letters )


If the profit rate did not equalize, the value of a commodity would be
represented as

or (more accurately resolved into) c+v+s, what Marx calls simple price;
however given the tendency towards the equalization of the profit rate,
a tendency which grows stronger with the development

of capitalist markets and the mobility of labour, the value of a
commodity is now represented as m[(1+r)(c+v)], m as the monetary
expression of labor time allowing for the translation between price of
production and labor magnitudes. As Fred has argued, m is given
throughout Marx's theory, and depends in the contemporary economy on the
quantity of fiat money.

What evidence do you have that the tendancy towards equalization

of the rate of profit grows stronger over time?


Do you have any econometric data for this?


Allin and I have published results that show that

the dispersion of profit rates is actually quite wide -

certainly wider than the dispersion of profits/wages - roughly speaking


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