Abstract
Over broad long term historical trends, the labour theory of value does retain its essential contact with reality. . . after all, and contrary to (the) weight of received opinion, are the deficiencies of the theory as a general guide to the determination of prices, anything like so grave as they have been alleged to be? After all, the deflection of prices of production from values as determined by man hours ... is not very wide. It remains true that 'in equilibrium' the number of man hours ... is the predominant determinant of the ratios at which these will in the long run tend to exchange.... If this were not so, if say jet liners on which an enormous amount of man hours had been directly and indirectly expended sold for less than bicycles, or if electric kettles fetched more than turbo generators, then we shall have to say the labour theory of value had no contact with reality.2
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