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

Charles Brown cbrown at michiganlegal.org
Thu Apr 7 10:45:00 PDT 2005


andie nachgeborenen

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.

^^^^^^

CB: I'm not trying to defend LTV as price theory. LTV is a theory of political economy - the relationships and dynamics of classes with different ownership relations to the means of production. "Explaining" or predicting prices is your purpose, not Marx's, or not one of his main purposes You can't dispose of Marx's theories by showing that his theories don't do what he wasn't trying to do with them. I suppose this is some sort of "strawman" argument fallacy.

However, _your_ inability to explain or predict prices is trouble for you, since that _is_ one of your stated purposes.



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