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Nonstandard labour values

Ian Wright

No 69, Open Discussion Papers in Economics from The Open University, Faculty of Social Sciences, Department of Economics

Abstract: The paper argues that the standard definition of labour value assumes that capitalists abstain from consumption during the period of replacement. The non standard definition of labour value assumes that capitalists consume. Both the transformation problem and the problem of an invariable measure of values are necessary consequences of standard labour values. In constrast, non standard labour values resolve both classical contradictions.

Pages: 66 pages
Date: 2007-11
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