/lit/ - Literature

>>12109853
Philosophy aside, in a given round of production the base weight of a price will be given by the number of commodities produced relative to a given wage over that period of time. In a c hour shift of production ( c * ($/hr)) / N where N being the # of commodities produced. For an 8 hour shift @ 5$/hr producing 200 commodities the base weight of a price 0.20$. The markup for this will be determined on the market based on relative prices of others in the same industry and aggregate demand for that commodity in the short run. But you cannot sell the commodity for less than your initial investment without running a deficit. So this base of 0.20$ is your anchor for a lowest price and is embodied labor in the wage form. The actual details about determining prices are also dependent on capital stock, credit structures ( interest rates), and capital depreciation on any technologies involved. When the LTV is complemented with Real Competition it actually is a pretty good predictor of prices. See Shaikh 2016

>>10822358
Shaikh posting is starting to grow on this board. I'm glad I'm not the only one making the time to hammer through 800 pages of theory and research.