Munich Personal RePEc Archive

Towards a Political Economy of the Hunters and Gatherers: A Study in Historical Materialism

Hagendorf, Klaus (2009): Towards a Political Economy of the Hunters and Gatherers: A Study in Historical Materialism.

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Abstract

This paper uses the mode of production of the hunter-gatherers as a background to explain basic economic concepts, in particular the meaning of the labour theory of value and it's relationship to optimization of resources. A proof of the marginal value theorem is presented. A new term is introduced to designate labour surplus value, roundabout labour. The analytical expression for socially necessary labour is derived and Adam Smith's paradox between labour value and the adding-up theorem of wages, rent and profit, is resolved. It is shown that far from being limited to the ancient form of society of the hunter-gatherers the labour theory of value holds also in modern times.

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