Moore argues that the emergent law of value, from the sixteenth century, was evident in the extraordinary shift in the scale, scope, and speed of environmental change.
22.
In such an economy, Marx argues, what directly regulates the economic exchange of new labour-products is not the law of value, but their prices of production.
23.
For Marx, social ownership would lay the foundations for the transcendence of the capitalist law of value and the accumulation of capital, thereby creating the foundation for socialist planning.
24.
He concludes that the law of value cannot directly regulate commodity prices in capitalist production, but only indirectly ( prices of production are constrained by comparative costs in labour time ).
25.
The postulate of the law of value does however lead to the Marxian historical prediction that global prices of production will be formed by world competition among producers in the long term.
26.
This world-historical rupture, argues Moore, can be explained through a law of value that regards labor productivity as the decisive metric of wealth and power in the modern world.
27.
Hence the effect of the law of value would usually be mediated by them, and would manifest itself only as a tendency, or as a law of " grand averages ".
28.
Marx's claim is that the production prices of products themselves are fundamentally determined by the comparative labour requirements of those products, and therefore are constrained by the law of value.
29.
However, they predict that in the long run of history, the operation of the law of value will tend to equalize the conditions of production and sales in different parts of the world.
30.
Yet, Marx argues, this whole process is nevertheless still regulated by the law of value; ultimately, relative price movements for products are still determined by comparative expenditures of labour-time.
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