RES: Explaining the Law of Value - response to Julio

Renato Pompeu renatopompeu at
Thu Sep 25 03:48:21 MDT 2003

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I think that value is not an averaged price. It is a social conception, "the
time of labour socially necessary to produce the commodity". So, it is a
social concept, a kind of expectation one has of the price that obtains for
a commodity. It is not an average of current prices. It is not "real" in the
crude sense. It is a social conception, a construct. As for prices, the
capitalist simply add to his-her costs of production the tax of profit
he-she thinks current in the market.
Renato Pompeu

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