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Re: [ox-en] Re: Role of markets

Hi Paul,

( thanks for answering my question re: tables )

Paul Cockshott wrote:


The idea of labour being the measure of value has a long pedigree, going
back to classical political economy, and there is now a large body
of econometric literature which indicates that exchange value in
a capitalist economy does correlate very closely with labour values.
Studies typically get correlation coefficients of above 95% between labour content and exchange value of commodity types.
Do you mean by this, that in a survey of commodities, that one would expect over 95% of commodities surveyed, to have prices that appear to be mathematically related to the amount of time taken to produce a particular commodity ? 

-- adam

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