The mistakes of individual Marxists

wpc at cs.strath.ac.uk wpc at cs.strath.ac.uk
Tue Jan 31 02:47:38 MST 1995


>>
>> This simply doesn't obtain in Marxism. The Labor Theory of Value is
> not something like Newtonian physics that's been superceded by
>> Sraffian economics.

>I'm not a Sraffian, but are you saying that nothing could count against
>Marx's value theory and in favor of Sraffa's or someone else's? What, is
>it a matter of religious faith? Marx at least thought it was a scientific
>advance.

This is something that is eminently testable by observation. As far as
I am aware most of the published papers dealing with empirical observations
of prices and values tend to show that either labour values give a
better predictor of prices than the Sraffian theory, or that there
is no empirically significant distinction between their predictions.
This tends to support Louis's claim that the Sraffian critique is a
matter of formalisms with no substance in the real world.

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