/lit/ - Literature

>>12640593
The value is determined by socially necessary labor.
The more divorced from socially necessary labor a commodity becomes, the more unstable its exchange value (price) is.
Price isn't a simple function of supply and demand. Supply can increase while demand remains stable, without the price falling, for instance in the housing market where new homes are built all the time and instead of the price dropping they remain empty. Demand can increase without the supply changing with no increase in price, for instance seating in an event with non-transferable tickets where another act is announced. You can talk about downward and upward pressures or "true" prices, but then your theory becomes true definitionally, and unfalsifiable. What's to then stop any Marxian economist from talking of "true" prices?
All this is largely a moot point anyway since prices are simply exchange values in Marx, and not what he is talking about in Capital. Value in the LTV is neither exchange value nor use value. If you hope to have some sort of reply to Marxian economics, you should first try reading Marx.