Discrepancies between real costs and prices
AbstractWe support labour contents as an absolute and reliable measurement unit and as an accounting procedure that expresses the real costs and profits of the economic system. As far as the labour capacity of expressing real social costs and profits is concerned, we highlight the inaccuracy in the basic economic data derived from the deviation of the rate of profit in terms of prices with regard to that which is calculated for labour values and we also demonstrate that the price system far from being independent of these values, is supported by them. Thus, there is no redundancy between price and value systems. These results are obtained in a simple model under the following assumptions: simple – not joint - production is considered where only circulating capital exists. Every good or service considered, is a basic commodity; there is only one quality labour.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 33635.
Date of creation: Sep 2011
Date of revision:
labour values; sraffian prices; discrepancies; rate of profit;
Find related papers by JEL classification:
- B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
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