I wrote:
1) The "law of value" is Marx's term for what is usually called his "labor theory of value." (As far as I can tell, he only used the phrase "labor theory of value" to refer to others' ideas, e.g., those of David Ricardo.) I prefer the former term, because the latter is usually read as being a labor theory of relative prices, à la Ricardo. I think that totally misses the point of Marx's theory.
I should mention that it was pen-l's Paul Zarembka that convinced me on this point. There's also a thread titled "Some thoughts/questions on the LoV [i.e, Law of Value]" on my gmail page (ready to be read and answered), which Gil contributed to. -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante.
