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Classical labour values – properties of economic reproduction

Zachariah, David and Cockshott, Paul (2018): Classical labour values – properties of economic reproduction.

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Abstract

We attempt to clarify and generalize the meaning of economic value as conceptualized in classical political economy. Using a modern formalism, we show that value can be derived as a basic property of systems of economic reproduction. The applicability of the concept is discussed and its relation to inequality, productivity, employment, and unproductive activities are demonstrated.

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