Joint analysis of labour values and production prices

Melendez-Plumed, Vicenc (2016): Joint analysis of labour values and production prices.

Abstract

We begin the article with a probe of commensurability of production prices and labour values and by describing useful new concepts such as total or cumulated profits and surplus value. We then compare the results of a capitalist economic system through balances and imbalances of the data in production prices and labour values. We detect new relations between the two ways of measurement with reference to the values that the rate of profit in prices may take. A specific wage (in labour value terms) could be found that allows the coincidence of both Marxian equalities: total prices and total labour values and total surplus value and total profits, which corresponds to a Golden ratio between the surplus value and the wage in labour units. We relate the concepts employed with those of other visions of the transformation of values in prices: the use of a monetary expression of labour time (MELT) and the establishment of the value added of one period as the only subject of transformation.

• Item Type: MPRA Paper
• Language: English
• Keywords: Commensurability; Production prices; Labour values; Transformation; Rate of surplus value; Golden ratio; MELT; Single system labour theory of value (SS-LTV)
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B51 - Socialist ; Marxian ; Sraffian

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