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The Concept of Market Value: A Critical Note on Itoh's Theory

Author

Listed:
  • Francisco Paulo Cipolla

    (Department of Economics, Universidade Federal do Paraná, Curitiba, Paraná, cipolla@ufpr.br)

Abstract

The objective of this article is to show that Itoh's identification of market value with the individual value of the dominant methods of production obscures the fact that dominant capitals producing below market value realize extra surplus value and thus obtain higher profit rates than average. It is argued, following Marx's procedure, that the formation of market values is prior to the formation of prices of production, a procedure which runs contrary to Itoh's suggested simultaneous determination of market prices and prices of production.

Suggested Citation

  • Francisco Paulo Cipolla, 2008. "The Concept of Market Value: A Critical Note on Itoh's Theory," Review of Radical Political Economics, Union for Radical Political Economics, vol. 40(4), pages 510-517, December.
    • Handle: RePEc:sae:reorpe:v:40:y:2008:i:4:p:510-517
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