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Modern Theories of Building up Price Systems in Trade Between Socialist Countries

In: Price Formation in Various Economies

Author

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  • K. I. Popov

Abstract

Both in trade between socialist countries and in price-fixing within these countries, the price system is based on the Marx-Lenin theory of value. While taking into account such factors as supply and demand and the utility of goods for a consumer, this theory states that changes in the price level take place around a definite steady point which is the social value of a commodity. This social value consists of the individual values of separate producers and is defined by the labour time necessary for producing a commodity under conditions of production that are socially normal and involve the average degree of skill and intensity of labour prevalent at the time in the given society.

Suggested Citation

  • K. I. Popov, 1966. "Modern Theories of Building up Price Systems in Trade Between Socialist Countries," International Economic Association Series, in: Douglas Hague (ed.), Price Formation in Various Economies, chapter 0, pages 145-150, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-08467-8_10
    DOI: 10.1007/978-1-349-08467-8_10
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