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A Note on Ronald Meek's 'Studies in the Labour Theory of Value'

Hagendorf, Klaus (2006): A Note on Ronald Meek's 'Studies in the Labour Theory of Value'.

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Abstract

Ronald Meek has (deliberately) ignored a very important discovery of Jevons. When labour is measured in terms of marginal labour values prices are proportional to these values and commodities exchange accordingly. This has been rediscovered by Soviet economists and that has been published in the JEL in the 70ies. Furthermore it is shown that under neoclassical assumptions the vector of marginal labour values is equal to the Sraffian vector of quantities of dated labour.

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