Classical labour values – properties of economic reproduction

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

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.

• Item Type: MPRA Paper
• Language: English
• Keywords: classical political economy, labour theory of value
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B0 - General; C - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C67 - Input-Output Models; P - Economic Systems > P1 - Capitalist Systems > P16 - Political Economy

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