Value, prices and probabilities

What is the connection between value and price? Moshé Machover concludes his discussion of the labour theory of value

This is an edited version of the second half of a talk given on January 21 at a weekend school on the ‘Fundamentals of political economy’ sponsored by the CPGB. The first part of this article, based on the first half of my talk, was published in the last issue of the Weekly Worker.[1] We looked briefly at the basics of the labour theory of value (LTV), as Marx presents it in the first volume of Capital, clarifying the notion of the (exchange) value of the commodity and the vital distinction between labour and labour-power.

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Answer me!; Dead end; Tusc's progress; Peak coal; Day off; Resort retort; Zim 6 'guilty'; Sister act

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Top bracket

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Eddie Ford demands the immediate disestablishment of the Church of England

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Weekly Worker 906 is also available in PDF format