Re: Law of value

[Jim Devine <JNDF%LMUACAD.BITNET@xxxxxxxxxxxxxxxxxx>]

On Mon, 28 Mar 1994 12:38:56 -0800 Paul Cockshott said:
>I have gone back and checked up the places where Marx does use the
>phrase law of value in Capital III. There he seems to use it as
>a theory of prices, in the sense of it being a law that prices
>are determined by values
>
does old Karlos use the phrase in other volumes of CAPITAL?
I, for one, am perfectly willing to accept the price-theoretic
use of the phrase "law of value."  That's why I've shifted over to
the SIV.

>Insofar as one could give it formal expression I suppose one would
>have to say that:
>
>'In exchanges of commodities, the values on each side of the transaction
>are equivalent, and hence value is conserved, where value is understood
>to be socially necessary labour.'
>
But how does this fit with the possibility of unequal exchange,
as when the organic composition differs between sectors?

in pen-l solidarity,

Jim Devine   BITNET: jndf@lmuacad    INTERNET: jdevine@xxxxxxxxxxxxxxx
Econ. Dept., Loyola Marymount Univ., Los Angeles, CA 90045-2699 USA
310/338-2948 (off); 310/202-6546 (hm); FAX: 310/338-1950
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