A Further Inquiry into Value Determination and the Law of Value

Gu Shutang and Yang Yuchuan

Chinese Economy, 1984, vol. 18, issue 1, 59-76

Abstract: In our effort to make a systematic analysis and study of the role of the law of value under socialism in China, we first encountered two long-outstanding theoretical issues. One is the relation between necessary time of social labor in the second sense and the determination of value. The other is whether value has a transformed form under socialism. Failing to clarify the two issues will inevitably impair the analysis of other related problems. This article is an inquiry into the first issue, namely, a reassessment of necessary time of social labor in the second sense.

Date: 1984
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