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Time, the value of money and the quantification of value

Author

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  • Freeman, Alan

Abstract

This paper establishes, and illustrates for the case of the UK, a temporal method for calculating the labour values of outputs from any process or sector of a market economy. It exhibits the temporal calculation of the Monetary Equivalent of Labour Time (MELT), the general ratio between monetary and labour time magnitudes, for a single national economy, but does not correct for the consequences of value transfers within the world economy as a whole. The method is nevertheless generalisable, provided international value transfers are properly accounted.

Suggested Citation

  • Freeman, Alan, 1998. "Time, the value of money and the quantification of value," MPRA Paper 2217, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:2217
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    File URL: https://mpra.ub.uni-muenchen.de/2217/1/MPRA_paper_2217.pdf
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    Citations

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    Cited by:

    1. Christian Fuchs, 2017. "The Information Economy and the Labor Theory of Value," International Journal of Political Economy, Taylor & Francis Journals, vol. 46(1), pages 65-89, January.
    2. Freeman, Alan, 2003. "The Age of War: From World Market to World Conquest (English language version)," MPRA Paper 5588, University Library of Munich, Germany.
    3. Freeman, Alan, 2001. "The Case for Simplicity: a Paradigm for the Political Economy of the 21st Century," MPRA Paper 52723, University Library of Munich, Germany, revised 01 Apr 2001.

    More about this item

    Keywords

    Liquidity; Value; Quantification; MELT; MEL; Money; Labour; Marx; TSSI; Temporalism;
    All these keywords.

    JEL classification:

    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)

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