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On the Determination of Value and its Application Under Socialism

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  • S. Strumilin

Abstract

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. Comparison of the relative value and local labor requirements used to produce one and the same amount of goods in the different republics and regions of the USSR will facilitate the planning and rational distribution of the productive forces in the country, while a similar comparison within the framework of the world system of socialist countries may be used in the interests of the most rational international distribution of labor, cooperation and specialization of production. Finally, the determination of the value of different goods is of the utmost importance for the rational planning of the prices of these goods and for the accounting of the corresponding accumulations, as well as for the maintenance of an adequate equivalence of exchange in domestic trade and the highest possible profitability of exports and imports.

Suggested Citation

  • S. Strumilin, 1960. "On the Determination of Value and its Application Under Socialism," Problems of Economic Transition, Taylor & Francis Journals, vol. 2(9), pages 3-9.
  • Handle: RePEc:mes:prectr:v:2:y:1960:i:9:p:3-9
    DOI: 10.2753/PET1061-199102093
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