Capital & Class. - 1983. - Issue 20 issue 20 by Conference of Socialist Economists

By Conference of Socialist Economists

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B - (s) represents a potential value which through the realization of value in the market will be quantified as [s] . The exchange value of a commodity is : c+v+s=c+v+kP' which can be greater or less than both the commodity's market selling price and its price of production . c - [ ] brackets demarcate the realized exchange value of the post-sale commodity d - to define a commodity's price of production relative to the average profit rate prevailing in its specific branch of industry rather than relative to the average general profit rate is a departure from Marx's method of calculating prices of production .

Contains the connection . The price appears as a merely formal aspect in it . This is not in the slightest contradicted by the fact that exchange value is the predominant aspect . But of course use does not come to a halt because it is determined only by exchange : although of course it obtains its direction thereby . In any case, this is to be examined with exactitude in the examination of value, and not, as Ricardo does, to be entirely abstracted from, nor like the dull Say, who puffs himself up with the mere presupposition of the word "utility" .

138) Since use value production embodies the social substance, human labour, the resultant use values must logically have an objective character as values that are as purely social as exchange values . Before moving on to the second set of premises which focuses on exchange value, it should be re-iterated that Marx's usage of the terms `labour', `abstract labour' and `labour power' reveals ambiguities which have repercussions on the meanings of the terms `value', `use value' and `exchange value' .

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