By Asim Kumar Pal, Debabrata Nath and Sumit Chakraborty
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Extra resources for A Discriminatory Rewarding Mechanism for Sybil detection with application to TOR
Rather he attacks a more limited point, namely the possibility of operating this reduction from labour to actual exchange-ratios . A crucial assumption here is what can be called the `conservation assumption' : the sum total of embodied labour as well as that of surplus-value does not change during the redistribution which the reduction implies . `Behind the facades of prices, Marx held, labour is the only real cost ; even more important, profit is nothing but the superficial manifestation of surplus-value, and therefore of surplus labour .
The French situation is typical here . Those authors who initiated the critical revision of Marx and the new interpretation, like Benetti (1974, 1980), Cartelier (1976, 1980), Fradin (1973), Deleplace (1979), have now changed their minds and advocate dropping all reference to value! ' The difference between the rival theories (the abstract-labour theory and what I will call the Benetti-Cartelier theory) can be summarized as follows . For the former, the analysis of the decentralized economy must start with the notion of the commodity, seen as a connection between physical and social aspects .
On the other hand, however, it is not a circulation theory because, once the sale takes place, the magnitude of value depends on the average conditions of production, prevailing at the precise moment of exchange . Thus exchange creates value, but production determines its magnitude . Likewise, the possibility for the transfer of value from the means of production to the final commodity is conditioned by the effective sale of the final commodity . In such a perspective, the scope of the theory of value is both narrower and broader .