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The Labour Theory of Value: A Marginal Analysis

Klaus Hagendorf ()

MPRA Paper from University Library of Munich, Germany

Abstract: The difficulties of the classical and Marxian labour theory of value are overcome when labour is measured in terms of marginal labour value. Marginal labour value is the inverse of the marginal productivity of labour. Relative prices are equal to the ratio of marginal labour values. This article presents the marginal approach to the labour theory of value.

Keywords: Exploitation; Labour Theory of Value; Marginal Analysis; Marxism (search for similar items in EconPapers)
JEL-codes: B51 D0 D24 D46 (search for similar items in EconPapers)
Date: 2008-08-28
New Economics Papers: this item is included in nep-hpe, nep-lab and nep-pke
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