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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 the meaning of labour value, a concept that originated in classical political economy. Using a modern formalism, we show that labour values are understood as a field property, or equivalently a characteristic accounting property, of economic reproduction. The applicability of the concept is discussed and its relation to productivity, employment, surplus labour and unproductive activities are demonstrated.

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