Once More about the Marxist Theory of Market Value

Technical interpretation of socially indispensable time, which is represented by Rozenberg, remains in an obvious contradiction with foundations of the Marxist theory of value. The fact that Marx recognizes the impact of social demand on the value creation process ensues not only fron the views on the market value contained in the third volune of Das Kapital but already from the analysis of value in Volume I. The controversy between supportrs of the technical and the economic version was largely due to the fact that the supporters of the technical version were approaching the problem statically, while their opponents were emphasizing insufficiently the necessity of a dynamic approach to the socially indispensable time. In its static approach, the socially indispensable time may be understood in its technical sense, but in such a case we shall be applying a methodological fiction and not an economic category, which should reflect certain real economic processes. On the other hand, in its dynamic approach the concept of socially in di spensable time contains in it an element of social demand in this sense th at through the mechanism of operation of the law of value there appears a trend towards producing amounts of goods corresponding to the social demand