Classical Labor Values: Properties of Economic Reproduction. (1st October 2020)

• Record Type: Journal Article
• Authors: Zachariah, David; Cockshott, Paul
• Is Part Of: World review of political economy. Volume 11:Number 3(2020)
• Page Start: 388
• Page End: 414
• Publication Date: 2020-10-01
• Subjects: value -- labour value -- prices of production; Economics -- Political aspects -- Periodicals; Economic development -- Periodicals; Economic policy -- Periodicals; Economic development; Economic policy; Economics -- Political aspects; Periodicals; 330.05
• DOI: 10.13169/worlrevipoliecon.11.3.0388
• Languages: English
• ISSNs: 2042-8928

Abstract

Abstract : We consider economic value as a property that renders heterogeneous goods and services commensurable. Starting from the basic division of output between workers and non-workers, we are able to derive value as a property of systems of economic reproduction. We show its relation to value in classical political economy and in Sraffian economic theory. We go on to discuss the applicability of the derivation and its relevance for analyzing distribution, productivity and employment in a wide range of economies.