Subject: D Jones on the LTV Date: Thu, 04 Aug 94 16:36:19 +0100 From: wpc-AT-cs.strath.ac.uk The labour theory of value is all the things that Donna says that it is, but it is quite clear that Marx also considered it to be a theory of prices. As an analysis of exploitation it would cease to have any hold on the world if the values of goods were not in fact proportional to their embodied labour. Suppose that on the contrary market prices were inversely proportional to embodied labour, then capitalists would be able to make a profit employing little or no labour and the whole analysis of exploitation would fall. If you allow prices to be independent of labour values all of the other parts of the anlysis of exploitation lose coherence. Why, for instance should capital have been interested in lengthening the working day? ------------------
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