Time, the value of money and the quantification of value
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.
|Date of creation:||12 Sep 1998|
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