Karl Marx once emphasised continuous fluctuation and dispersion observed in market as the characteristic of the capitalist mode of production, stating "[t] he possibility, therefore, of a quantitative incongruity between price and magnitude of value, i.e. the possibility that the price may diverge from the magnitude of value, is inherent in the price-form itself. This is not a defect, but, on the contrary, it makes this form the adequate one for a mode of production whose laws can only assert themselves as blindly operating averages between constant irregularities" (Capital, Vol.1, Penguin Classics, p.196). While this recognition was to reassert itself in the description of the social division of labour and be put as "the anarchy of commodity producing society" in Rudolf Hilferding's Finance Capital, their causes and functions within market itself, distinguished from relations of production, were investigated further by some Japanese Marxian economists such as Kozo Uno and his followers. Their theoretical analyses of the irregularities of market were, however, generally restricted to the level of Capital Vol.1 and all they have achieved beyond it is the application of them to the situation where we have plural conditions to produce one kind of commodity, which is discussed as the theory of market value in chapter 10 of Capital Vol.3. In this paper, we attempt to examine the feature of market taking into consideration how capitalists estimate the profitability of condition of production so that we are able to understand the irregularities of capitalist market with plural conditions of production more fundamentally. In order to analyse the profitability of conditions of production, we avail ourselves of price equations, shown as simultaneous equations representing production of two kinds of commodities. The solution can be regarded as formulated profitability. Then, firstly, the case that has two conditions of production in a certain industry is discussed. Here, there are two production prices that can be obtained as solutions owing to plurality of technology, hence two ways to evaluate profitability. However, we conclude that it does not matter which one of the production prices is used for evaluation. This proposition does not hold if we consider the second case where there are two conditions of production in each industry so that four production prices can exist. In other words, when we need to evaluate conditions of production using these four production prices, the order of profitability may depend on the standard of evaluation. Simple transformations of equations are employed to identify the precondition of this reversal in the order. This formulated evaluation of profitability examined above should be reconsidered as an estimating process conducted by individual capitalists. The investment process carried out by capitalists has been often taken to be "the incessant equilibration of the continual differences". This fluctuation occurs because of the uncertainty of market, but provided we are to persist in this point, it is careless of individual industrial capitalists to advance fixed capital merely on account of temporary market circumstances. They should contrive to select a condition of production, which is embodied in fixed capital. Thus fixed capital allocation is affected by the profitability of conditions of production as well as by the inherent irregularities of market. Because of this effect, two types of irregularities can be distinguished in capitalistic market according as the estimation of conditions of production varies.
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