Reproduction of Fixed Capital and Economic Theory

V. Mayevsky.

VOPROSY ECONOMIKI, 2010, vol. 3

Abstract: The paper presents a new version of reproduction theory which (unlike Marx’s theory) allows the existence of fixed capital reproduction in value terms and the necessity of the current work time expenditure for the realization of this process. The new version permits to solve a well-known problem of the redundancy of the category of "value" and the related problem of the so-called dual system approach. The author managed to formalize Marx’s law of value and to discover the circular flow process of "depreciation" money which serves reproduction of the fixed capital.

Date: 2010-03
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Persistent link: http://EconPapers.repec.org/RePEc:nos:voprec:2010-03-5

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