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

Francisco Paulo Cipolla
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Francisco Paulo Cipolla: Department of Economics, Universidade Federal do Paraná, Curitiba, Paraná, cipolla@ufpr.br

Review of Radical Political Economics, 2008, vol. 40, issue 4, 510-517

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.

Keywords: market value; extra surplus value; competition; prices of production (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:40:y:2008:i:4:p:510-517

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