Nonstandard Labour Values
Ian P. Wright
The Open University - Department of Economics
November 1, 2007
The standard definition of labour value assumes that capitalists abstain from consumption during the period of replacement. The nonstandard definition of labour value assumes that capitalists consume. Both the transformation problem and the problem of an invariable measure of value are necessary consequences of standard labour values. In contrast, nonstandard labour values resolve both classical contradictions.
Number of Pages in PDF File: 66
Keywords: History of Economic Thought, Marxian Economics
JEL Classification: B1, B41working papers series
Date posted: June 16, 2008
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