Marx's Legacy Revisited
Chapter 6: Labor Values: An Axiomatic Approach
In Part I of the book, we have introduced the classical concepts of market prices, production prices, and labor values. Focusing on simple n -good Leontief economies with circulating capital and no joint production, we have shown that production prices can be interpreted as the centers of gravitation of market prices and have derived a number of important insights on capitalist economies, including the proof of the existence of a general distributive conflict between the main social classes. We have also proved, however, that, apart from very special cases, production prices are not proportional to labor values. Therefore, labor values do not, and cannot, determine equilibrium prices.
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