Finding:

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   Prices of production

   Prices of production refers to a concept in Karl Marx's critique of political economy. It is introduced in the third volume of Das Kapital, where Marx considers the operation of capitalist production as the unity of a production process and a circulation process involving commodities, money and capital.
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   Law of value

   Thus, market prices for outputs will gravitate towards prices of production which themselves are constrained by product-values expressible in quantities of labour-time.
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   Labor theory of value

   With Marx, there is a tendency of equalisation of rates of profit in the accumulation process, which leads to prices of production.
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   Transformation problem

   prices of production
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   Commodity (Marxism)

   But what prices of production simultaneously hide is the social nature of the valorisation process, i.e. how an increase in capital-value occurs through production.
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   Cost-of-production theory of value

   prices of production
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   Okishio's theorem

   Hence, the capitalist sells them originally above their prices of production, or, perhaps, above their value.
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   Organic composition of capital

   Marx either solved this problem with his theory of prices of production and the tendency for profitability differentials to be levelled out through competition, or he failed to solve it, according to which side of the debate over the transformation problem one finds convincing.
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   Unequal exchange

   Marx argues that the "real values" in a capitalist economy take the form of prices of production, defined as the sum of the average cost price (goods used up + labour costs + operating expenses) and the average profit reaped by the producing enterprises.
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    Exchange value

    prices of production

Explore the following pages on Powerset:

• Prices of production,
• Law of value,
• Labor theory of value,
• Transformation problem,
• Commodity (Marxism),
• Cost-of-production theory of value,
• Okishio's theorem,
• Organic composition of capital,
• Unequal exchange,
• Exchange value