list-en oekonux.org writes:
Paul said that prices have demonstrated an up to 95% correlation with
labour
time value.
Any sources for such studies?
I think the caveat is quite well taken here, even if the source seems
unusual. You need to find the right condition for a direct proof. The
point in the whole story is that "socially neccesary labor time" cannot be
measured directly, even if Taylorism DID so. There is a lot of indirect
proves that production time is a central issue for economic practise, the
capitalist way how the immediate production process is treated shows
practically what is theoretically assumed.
http://www.geocities.com/cmkp_pk/value_controversy.htm
"It becomes clear from the above quotation that exchange-value corresponds
to labour-value only through the mechanism of supply and demand, the
movement of prices, and the resultant movement of capital between branches
of industry. The fact that at a particular point in time exchange-value
does not correspond to labour-value is not problematic to Marx's theory
but is axiomatic to it. When exchange-value does not correspond to
labour-value, capital is reallocated from one branch of industry to
another. In other words, exchange-value corresponds to labour-value only
as a tendency of capital to equalise the rate of profit among different
branches of production. "
"One can empirically verify that the tendency of capital to equalise the
rate of profit dominates the movement of prices via the circuit of supply
and demand. Therefore, prices have a tendency to converge, owing to the
resultant reallocation of capital via supply and demand, in the direction
of the socially necessary labour-time for the reproduction of that
commodity. That in essence means that the socially necessary labour-time
for reproduction determines the value and via the supply and demand
functions the exchange-value."
it would be interesting to look at these paper
The Labour Theory of Value as Foundation for Empirical Investigations
http://www3.interscience.wiley.com/journal/118759752/abstract?CRETRY=1&SRETRY=0
Some scientific history of the issue shows up here
http://en.wikipedia.org/wiki/Transformation_problem
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