Time, the value of money and the quantification of value

Freeman, Alan (1998): Time, the value of money and the quantification of value.

Abstract

This paper establishes, and illustrates for the case of the UK, a temporal method for calculating the labour values of outputs from any process or sector of a market economy. It exhibits the temporal calculation of the Monetary Equivalent of Labour Time (MELT), the general ratio between monetary and labour time magnitudes, for a single national economy, but does not correct for the consequences of value transfers within the world economy as a whole. The method is nevertheless generalisable, provided international value transfers are properly accounted.

• Item Type: MPRA Paper
• Institution: The University of Greenwich
• Language: English
• Keywords: Liquidity; Value; Quantification; MELT; MEL; Money; Labour; Marx; TSSI; Temporalism
• Subjects: O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O41 - One, Two, and Multisector Growth Models; B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B51 - Socialist ; Marxian ; Sraffian; B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology > B41 - Economic Methodology; B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B14 - Socialist ; Marxist; B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B12 - Classical (includes Adam Smith)

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