Abstract
This paper presents a reformulated concept of value consistent with Karl Marx's approach. The relation between such values and competitive prices is shown to have novel and symmetric characteristics. A new sort of transformation algorithm is proposed: first, use values to transform the conditions of production to create a hypothetical 'standard technology' in which each commodity is allocated a proportional share of the aggregate inputs; then, solve for production prices simply by calculating the labor directly and indirectly embodied under standard technological conditions. Competitive prices thus represent the 'average labor' contained in commodities, where averaging takes place across industry boundaries. Copyright 1997 by Oxford University Press.
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