Abstract

This article aims to illuminate temporality in value determination and stratification of value and price in the transformation of value into price. This leads to an understanding of value-relocating through the two concepts presented in this study: current-value-relocating (CVR) and integrated-value-relocating (IVR). Based on Marx’s exploration of the labor process and social reproduction and focusing on two components of a commodity’s value and the relation between the individual and aggregate level, the article seeks to propose a non-linear conception of temporality in value determination, which justifies the application of simultaneous equations in value determination. Furthermore, through the depiction of the stratification of value and price, the study insists on retaining the relations among their components in different layers. Lastly, the research attempts to explain all price-value deviations at the aggregate and individual levels in two forms: CVR and IVR.

From: World Review of Political Economy 2024 15 (2)

Editor: Wang Yi