Re: [ox-en] Re: Role of markets
- From: adam <adam diamat.org.uk>
- Date: Fri, 15 Aug 2008 15:58:13 +0100
( 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 ?
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