Marx regarded the law of value as analogous to an objective physical law, since people could never escape from the fact that the products they consumed presupposed an objective cost in human labour time.
32.
Critics claimed, that Marx failed reconcile the law of value with the reality of the distribution of capital and profits, a problem that had already preoccupied David Ricardo-who failed to solve it.
33.
Essentially it is a distortion of proper accounting based on the assertion of the law of value instead of the " real " costs of the factors of production, objectively determined outside of social relations.
34.
From this perspective, irrespective of enterprise ownership, either the capitalist law of value and accumulation of capital drives the economy, or conscious planning and non-monetary forms of valuation ultimately drive the economy.
35.
In this sense, Marx evidently felt that he had " proved " the validity of his concept of value by the integrated theory of capitalist development that it made possible ( see also law of value ).
36.
Other Marxists ( including Ernest Mandel, Michael Perelman and the Japanese scholar Kozo Uno ) followed Marx & Engels in believing that the law of value emerges and develops from simple exchange based on simple commodity production.
37.
Preobrazhensky's approach to the law of value became the common assumption of left-wing Marxists discussing the transition to socialism, until the theorists of market socialism began to challenge it and gained more intellectual influence.
38.
In the third volume of " Das Kapital ", he aims to show how the competition for profits from production is constrained by the law of value and how this shapes the developmental pattern of capitalist production.
39.
Both Smith and Ricardo deeply believed that price structures for products were determined by the law of value; but, Marx argued, neither of them could explain how that value-price relationship operated, without contradicting themselves.
40.
A 1977 resolution of the Bay Area Communist Union, an American Maoist group, stated that : " In socialist society, commodity exchange, as well as value and the law of value continue to a certain extent.
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