this post was submitted on 04 Jul 2025
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theory

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[–] Sebrof@hexbear.net 2 points 1 week ago (1 children)

Give me a bit to write it up and I'll send you what I got!

But, I wanted comment on something you mentioned before I go.

... but I'm confused by the static part. Naively, someone might interpret the phrase "prices that allow an economy to reproduce itself" to mean "prices that cover production cost plus owner spending habits," because then everyone in the economy breaks even in their expenses and earnings over time, and the economy remains static.

I don't think that's a naïve interpretation, and in fact I think the insight there is spot on! When I say that natural prices are those prices that allow for the system to reproduce itself, I do mean the capitalist system. So natural prices under a capitalist formation must be able to reproduce the class exploitation of the capitalists (and hence their consumption), else it isn’t capitalism that is being reproduced.

In fact, bringing this insight into a definition of value is something that Ian Wright has done, and is part of his solution to the transformation problem, i.e. how to get natural prices from value. Essentially, his argument as I understand it is that one can create an extended measure of value that includes the labor required to cover products made for the owner’s consumption (surplus value), and that this extended measure of value is still a measure of value, just through lens of your insight. This extended measure of value is still measured in labor-hours, and is commensurate with prices under capitalism because while the surplus labor is not necessary for the workers, it is necessary for the system of capitalism to reproduce itself.

Though, like I mentioned before the transformation problem is worth its own post. And this is one solution, of many proposed, for the transformation problem.

The rest of your question was on the uniqueness of the solution

the problem would have no unique solution—there are infinitely many ways to assign arbitrary wages and prices in an economy

and I'll respond with a write up on solving for natural prices with the framework I'm most familiar with.

[–] iie@hexbear.net 2 points 1 week ago* (last edited 1 week ago) (1 children)

Just want to let you know that I'm still very much interested (and I won't lose interest so there's no rush), but also, no pressure! if life gets in the way or you run out of steam it's all good! Thanks either way. It's a potentially laborious effortpost, on a niche forum, in a small thread where I might be the only person who reads it. Stoked if you do but 110% understand if you don't.

[–] Sebrof@hexbear.net 3 points 1 week ago (1 children)

I'm in the process of writing it up. I'm starting with a pure labor economy (simplest model and lays the foundation) and building it up from there. Not yet, finished but I am working on it.

And you may be the only one who reads it susie-laugh

but I've been wanting to write something like this up for a while anyways shrug-outta-hecks

Hopefully I dont get back to you within a year with some massive tome

[–] iie@hexbear.net 1 points 1 week ago

Hell yeah rat-salute-2 godspeed