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Re: [OPE-L] questions on the interpretation of labour values

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On Fri, 23 Mar 2007, Ian Wright wrote:

The property of a realised general rate of profit, that is
uniform profits, is not essential to demonstrate the existence
of a transformation problem. The mere existence of capitalist
profits, however distributed, causes a problem for the classical
labour theory of value.


Ian, could you explain why you think that is the case?

(In a historical sense, Adam Smith believed this; then Ricardo
pointed out why Smith was wrong.  But I don't suppose your grounds
are the same as Smith's.)

Allin Cottrell

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