Marxist critique of supply and demand economics?

[☭World Views]

Did Marx, or any other revolutionary leftist ever speak on supply and demand economics?

Any articles, documents, etc?

[mikelepore]

In his pamphlets 'Wage-Labour and Capital' and 'Value, Price and Profit', Marx argued idea that supply and demand explain why prices fluctuate above and below some average level, but fail to explain the average level itself about which they are fluctuating, which Marx said in the first pamphlet was determined by "the cost of production", and in the second pamphlet by "crystallization of a certain quantity of labour."

[Nwoye]

This is a fucking great thread:
http://www.revleft.com/vb/why-marginalism-wrong-t109362/index.html

[☭World Views]

Cool.

So according to Marx and other revolutionary leftists, what determines prices in a capitalist mode of production and economics?

[bezdomni]

The wikipedia article on the Labor Theory of Value presents a decent explanation of how the Marxist theory and the neoclassical theory differ.

http://en.wikipedia.org/wiki/Labor_theory_of_value

Basically, Marx proposes that commodities are imbued with value through abstract "socially necessary labor-time". This is explained briefly in the wikipedia article, and Das Kapital is a painstakingly careful explanation of this theory. This differs from the classical economists like Ricardo who proposed that commodities have a value that is a direct reflection of the sum of labor required to produce them, and the neoclassical economists who propose value is a reflection of a commodity's "marginal utility".