Julio Huato wrote:
>
> Angelus wrote:
>
> > The transformation of "value" into "production
> > prices" is literally meaningless.
>
> The term "transformation" is very unfortunate. A better term would be
> "relation." How are relative value magnitudes related to prices
> (because they are)?
Most wealth is produced by science & technology, with labor remaining a very small element. That qshes out any particular relation between value and prices.
The 'theory' of the tendency of rate of profit to drop is clearly false as an economic 'thoery.' It is a fine metaphor for the decreasing element of labor in wealth (as opposed to value).
Carrol