price of production, n.All

The Price of production (n.) is ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠where capital becomes aware of itself as a social power, each capitalist sharing in it according to his stake in the whole.

The Price of production (n.) belongs ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠to a higher stage of history than exchange at value: values come first, among peasants and craftsmen who own their tools.

The Price of production (n.) is ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠cost price plus the average profit — a price at which some goods sell above value and others below, so that every capital can earn the same rate.

The Price of production (n.) is ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠an externalized, prima facie irrational form of value — which is exactly why economists who deny the labour theory of value happily treat it as the centre of prices.

The Price of production (n.) equals ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠value only by chance, for capitals whose composition happens to match the social average; elsewhere labour-heavy industries sell below value and machine-heavy ones above.

The Price of production (n.) exists ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠only because single commodities are not sold at their values: the general rate of profit is value redistributed.