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Labor,Value and Equilibrium Price

FENG Jin-hua;Shanghai University of Finance and Economics,College of Marxism;  
Modern western mainstream economics confuses value with equilibrium price of commodity,and explains equilibrium price and value only by the relation between supply and demand and phenomenon of competitionappearing on the surface of market. It is therefore impossible for western economics to reveal the nature of value hidden behind equilibrium price and really understand equilibrium price itself. In fact,it is easy to derive the quantity relation between equilibrium price and value,namely the so-called price-value equation,on the bases of the two mainassumptions of exchange of equal valueand labor theoryof value. We could further demonstrate on the price- value equation that the determination,realization and changes of equilibrium priceare determined ultimatelyby values of commodity and money,or socially necessary labortime,although influenced by the relation between supply and demand and competition.
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