Nonstandard Labour Values

66 Pages Posted: 16 Jun 2008

See all articles by Ian P. Wright

Ian P. Wright

The Open University - Department of Economics

Date Written: November 1, 2007

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.

Keywords: History of Economic Thought, Marxian Economics

JEL Classification: B1, B41

Suggested Citation

Wright, Ian P., Nonstandard Labour Values (November 1, 2007). Available at SSRN: https://ssrn.com/abstract=1146249 or http://dx.doi.org/10.2139/ssrn.1146249

Ian P. Wright (Contact Author)

The Open University - Department of Economics ( email )

Walton Hall
Milton Keynes, MK7 6AA
United Kingdom

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