[lbo-talk] the price of everything and the value of nothing

andie nachgeborenen andie_nachgeborenen at yahoo.com
Thu Apr 7 10:18:20 PDT 2005


Prices are formed by supply and demand. I can't preduct them because I don't know what thes upply and demand for various commodities will be. When I do, I will report from my Tuscan villa. But defending the LTV as a price theory is defending it at its weakest point. You can't predict prices using values either, because you don't know what the socially necessary labor time to produce a commodity will be, and if you did you wouldn't be able to transform the value figure into a price figure in a way that involved real-world assumptions. Best to defend the LTV as a theory of exploitation -- just my advice, for what it is worth.

--- Charles Brown <cbrown at michiganlegal.org> wrote:
> Autoplectic:
>
> Read the paper and am not convinced, any more than
> folks like
> Steedman, Mongiovi, Nitzan or Robinson [if she were
> alive] are
> convinced. If you want to understand how prices are
> formed at the
> point of production, go work for MSoft, Boeing, BMW,
> Toyota, Moody's
> or Charles Schwab; do the empirical work. Feel free
> to take all the
> great monographs with you; you know, Pasinetti,
> Foley, Steedman,
> Shaikh, Kurz and Salvadori........Oh, and check the
> archives for a
> paper on Marxism and accounting which Doug posted a
> while back
> too.............
>
> ^^^^^
>
> CB: So, you and andie know how prices are formed.
> Using your non-ltv theory
> , care to predict any prices ?
>
> What will the price of oil be in x months ? (based
> on Pasinetti, Foley,
> Steedman, any papers in the archives, et al.)
>
>
>
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>
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