Market Value and the Choice of Technique

Paul A. Swanson
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Paul A. Swanson: Department of Economics William Paterson College Wayne, New Jersey 07470

Review of Radical Political Economics, 1989, vol. 21, issue 1-2, 57-74

Abstract: An interpretation of the concept of marketvalue is proposed which incorporates the choice of technique as an integral part of the problem. This is contrasted with various other interpretations. The socially necessary technique is equated with the profit maximizing technique, and it is argued that the labor associated with this technique creates market value. By doing this the results of the market process are not taken for granted and the relation between the spheres of production and exchange is clarified. There is also a discussion of causality, which is linked to the question of redundancy and to the interpretation of value and market value given.

Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:21:y:1989:i:1-2:p:57-74

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