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Title:Nonstandard labour values PDF Logo
Authors:Wright, Ian
Issue Date:2007
Series/Report no.:Open Discussion Papers in Economics, The Open University 69
Abstract:The standard definition of labour value assumes that capitalists abstain from consumption during the period of replacement. The nonstandard definition of labour value assumes that capitalists consume. Both the transformation problem and the problem of an invariable measure of value are necessary consequences of standard labour values. In contrast, nonstandard labour values resolve both classical contradictions.
Document Type:Working Paper
Appears in Collections:Open Discussion Papers in Economics, The Open University

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