On the Determination of Value and its Application Under Socialism
As we know, the definition of value remains an important task under socialism. Moreover, with the abolition of the capitalist method of production this task and the accounting system serving it "becomes more important than ever," in Marx's words. (1) Socialism opens up the widest prospects for the application of value in national economic planning, primarily in regulating labor time and in the distribution of social labor between the different categories of production in proportion to their requirements. But a determination of value is needed not only here. The reduction of value may serve as a measure of the efficiency of our planned capital investments and, therefore, as an indispensable guide to their optimal planned distribution in the interests of a maximum saving of time and the highest rate of growth of labor productivity.
Volume (Year): 2 (1960)
Issue (Month): 9 (January)
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