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The Labour Theory of Value: A Marginal Analysis

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Author Info
Hagendorf, Klaus

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Abstract

The 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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File URL: http://mpra.ub.uni-muenchen.de/10202/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 10202.

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Date of creation: 28 Aug 2008
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Handle: RePEc:pra:mprapa:10202

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Related research
Keywords: 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; Capital and Total Factor Productivity; Capacity

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This page was last updated on 2009-12-18.

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