[lbo-talk] on the transformation problem

[Miles Jackson]

Matthias Wasser wrote:
> I'd like to thank everyone for their suggestions and explanations thus  
> far.
> 
> For the people who are saying "value theory has some utility, as it  
> demonstrates the basic concept of exploitation, but you shouldn't be  
> trying to match up SNLT and phenomenal prices in this way," are you  
> saying "SNLT only corresponds to prices under highly idealized and  
> unrealistic, albeit illustrative conditions (intertemporal equilibrium  
> with no barriers to entry or unexpected shocks, &c.)" (which is what  
> seems to my untrained mind what Marx is saying, and which I take to be  
> the position of the defenders of Marxian economics as such here) or  
> "value theory is just a sort of moral fable that tells you workers are  
> getting it raw, but it won't help you do positive analysis of the real  
> world?"

As Wittgenstein emphasizes, it is very important to ask the right 
questions.  In this case, the question "What determines actual prices in 
a capitalist economy?" is exactly the wrong question.  I know many 
economists are fascinated with the question, but that's beside the point.

Miles