Nonstandard labour values
AbstractThe paper argues that the standard definition of labour value assumes that capitalists abstain from consumption during the period of replacement. The non standard definition of labour value assumes that capitalists consume. Both the transformation problem and the problem of an invariable measure of values are necessary consequences of standard labour values. In constrast, non standard labour values resolve both classical contradictions.
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Bibliographic InfoPaper provided by The Open University, Faculty of Social Sciences, Department of Economics in its series Open Discussion Papers in Economics with number 69.
Length: 66 pages
Date of creation: Nov 2007
Date of revision:
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Postal: Walton Hall, Milton Keynes, MK7 6AA
Web page: http://www.open.ac.uk/socialsciences/about-the-faculty/departments/economics/research/discussion-papers.php
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