...Cottrell

Department of Computer Science, University of Strathclyde, and Department of Economics, Wake Forest University.

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...terms

In the postface to the second edition of Capital, Marx (1976, p. 103) noted that he had ``coquetted with the mode of expression peculiar to'' Hegel in the chapter on the theory of value.

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...plan,

This is also known as a Minkowski metric.

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...system.

A very similar model is used in one of the standard formulations of quantum theory to describe possible state transformations (von Neumann, 1955).

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...Table 1.

For further details regarding these estimates, see Cockshott, Cottrell and Michaelson (forthcoming).

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...marginally.

It should be noted that due to data limitations our `prices of production' are calculated on a flow basis-they are prices consistent with the equalization of the rate of profit on the total flow outlay on current inputs. Ochoa (1989) has calculated prices of production on a stock basis for the USA, and finds them to be slighly less well correlated with actual prices than are simple labour values.

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...format,

That is, x-content per £'s worth of output is multiplied by the total monetary value of output to yield total x-content, on which the total monetary value of output is then regressed, in log form.

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...oil,

As suggested by Farjoun and Machover (1983, pp. 80-81), in the course of their discussion of possible alternative value systems.

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...0.

The recursive procedure is as follows, where x is the commodity selected as the value-base. In the first round, calculate the value of each commodity as its direct x-content. In the nth round 46#46, calculate the value of each commodity as the sum of the values of its inputs as calculated at round n-1. Recursion terminates when the values change by less than some pre-set small amount from one round to the next. If the oil-value of a barrel of oil is less than one barrel, then after a few rounds of this process all values will start shrinking monotonically.

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...motivated.

Marx's distinction draws attention to the important point that, having hired labour-power for a day, the actual amount of labour extracted by the capitalist is not yet determined: this will depend on the outcome of struggles over the length of the working day and the intensity of labour.

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...Marx.

For this reason we disagree with the conclusion reached by Roemer (1986), namely that Marxists have no good reason to be interested in the exploitation of labour. It is quite true, as Roemer states, that any viable industry must satisfy the condition that its product, x, requires for its production a total of less than one unit of x. But this does not mean, as he infers, that there is nothing special about labour from a theoretical point of view.

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...earlier.

We owe this point to Alan Freeman.

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