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The Labour Theory of Value: A Marginal Analysis

Klaus Hagendorf

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Abstract

The difficulties of the classical and Marxian labour theory of value are overcome when labour is measured in terms of marginal labour value. Marginal labour value is the inverse of the marginal productivity of labour. Relative prices are equal to the ratio of marginal labour values. This article presents the marginal approach to the labour theory of value.

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The difficulties of the classical and Marxian labour theory of value are overcome when labour is measured in terms of marginal labour value. Marginal labour value is the inverse of the marginal productivity of labour. Relative prices are equal to the ratio of marginal labour values. This article presents the marginal approach to the labour theory of value.

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Available abstract

The difficulties of the classical and Marxian labour theory of value are overcome when labour is measured in terms of marginal labour value. Marginal labour value is the inverse of the marginal productivity of labour. Relative prices are equal to the ratio of marginal labour values. This article presents the marginal approach to the labour theory of value.

Key concepts: Economics, Marginal value, Marginal product, Marginal product of labor, Value (mathematics), Marginal utility, Marginal cost, Labour economics

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