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Time, the value of money and the quantification of value

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Author Info
Freeman, Alan

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Abstract

This paper establishes, and illustrates for the case of the UK, a temporal method for calculating the labour values of outputs from any process or sector of a market economy. It exhibits the temporal calculation of the Monetary Equivalent of Labour Time (MELT), the general ratio between monetary and labour time magnitudes, for a single national economy, but does not correct for the consequences of value transfers within the world economy as a whole. The method is nevertheless generalisable, provided international value transfers are properly accounted.

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File URL: http://mpra.ub.uni-muenchen.de/2217/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 2217.

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Date of creation: 12 Sep 1998
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Handle: RePEc:pra:mprapa:2217

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Related research
Keywords: Liquidity; Value; Quantification; MELT; MEL; Money; Labour; Marx; TSSI; Temporalism;

Find related papers by JEL classification:
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)

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  1. Freeman, Alan, 2003. "The Age of War: From World Market to World Conquest (English language version)," MPRA Paper 5588, University Library of Munich, Germany. [Downloadable!]
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