The Labour Theory of Value: A Marginal Analysis
AbstractThe difficulties of the classical and Marxian labour theory of value are overcome when labour is measured in terms of marginal labour value. Marginal labour value is the inverse of the marginal productivity of labour. Relative prices are equal to the ratio of marginal labour values. This article presents the marginal approach to the labour theory of value.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 10202.
Date of creation: 28 Aug 2008
Date of revision:
Exploitation; Labour Theory of Value; Marginal Analysis; Marxism;
Find related papers by JEL classification:
- D0 - Microeconomics - - General
- B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
- D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-08-31 (All new papers)
- NEP-HPE-2008-08-31 (History & Philosophy of Economics)
- NEP-LAB-2008-08-31 (Labour Economics)
- NEP-PKE-2008-08-31 (Post Keynesian Economics)
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