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Victor Valentinovich Novozhilov: A Marxian Mathematical Economist: In Honour of the 120th Anniversary of His Birth

Klaus Hagendorf


September 27, 2012

This article attempts to present the important contribution of Victor V. Novozhilov to Marxian economic theory, the proof that the theory of optimal planning is the proper field of general economic equilibrium theory and that this theory, by fully respecting the objective law of value, leads to planned prices which equalize supply and demand and for which the labour theory of value holds: prices of production are proportional to marginal labour values. In Novozhilov's and Soviet terminology marginal labour values are differentially socially necessary labour which includes not only the socially necessary labour needed to produce a unit of a given product, as it is commonly understood by bourgeois and many Marxian economists, but also the socially necessary accumulation of the means of production. In mathematical programming this is the rational for the Lagrange multipliers and norms of effectiveness. Novozhilov in fact proofs that in an optimal plan (Pareto optimum), prices are proportional to marginal labour values and use values.

Number of Pages in PDF File: 20

Keywords: differentially socially necessary labour, general equilibrium theory, law of value, labour theory of value, Marxian economics, Pareto optimum, planning prices, theory of optimal planning, Victor V. Novozhilov

JEL Classification: B31, D50, P11, P21, P22

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Date posted: October 21, 2012 ; Last revised: March 11, 2013

Suggested Citation

Hagendorf, Klaus, Victor Valentinovich Novozhilov: A Marxian Mathematical Economist: In Honour of the 120th Anniversary of His Birth (September 27, 2012). Available at SSRN: http://ssrn.com/abstract=2164935 or http://dx.doi.org/10.2139/ssrn.2164935

Contact Information

Klaus Hagendorf (Contact Author)
EURODOS ( email )
20, rue Turgot
Paris, 75009
HOME PAGE: http://eurodos.free.fr/mime
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