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Discrepancies between real costs and prices

Author

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  • Melendez-Plumed, Vicenc

Abstract

We support labour contents as an absolute and reliable measurement unit and as an accounting procedure that expresses the real costs and profits of the economic system. As far as the labour capacity of expressing real social costs and profits is concerned, we highlight the inaccuracy in the basic economic data derived from the deviation of the rate of profit in terms of prices with regard to that which is calculated for labour values and we also demonstrate that the price system far from being independent of these values, is supported by them. Thus, there is no redundancy between price and value systems. These results are obtained in a simple model under the following assumptions: simple – not joint - production is considered where only circulating capital exists. Every good or service considered, is a basic commodity; there is only one quality labour.

Suggested Citation

  • Melendez-Plumed, Vicenc, 2011. "Discrepancies between real costs and prices," MPRA Paper 33635, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:33635
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    Cited by:

    1. Melendez-Plumed, Vicenc, 2016. "Joint analysis of labour values and production prices," MPRA Paper 69839, University Library of Munich, Germany.

    More about this item

    Keywords

    labour values; sraffian prices; discrepancies; rate of profit;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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