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Classical labour values – properties of economic reproduction

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  • Zachariah, David
  • Cockshott, Paul

Abstract

We attempt to clarify the meaning of labour value, a concept that originated in classical political economy. Using a modern formalism, we show that labour values are understood as a field property, or equivalently a characteristic accounting property, of economic reproduction. The applicability of the concept is discussed and its relation to productivity, employment, surplus labour and unproductive activities are demonstrated.

Suggested Citation

  • Zachariah, David & Cockshott, Paul, 2018. "Classical labour values – properties of economic reproduction," MPRA Paper 89832, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:89832
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    References listed on IDEAS

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    1. John Maynard Keynes, 2010. "How to Pay for the War," Palgrave Macmillan Books, in: Essays in Persuasion, chapter 2, pages 367-439, Palgrave Macmillan.
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    More about this item

    Keywords

    classical political economy; labour theory of value;

    JEL classification:

    • B0 - Schools of Economic Thought and Methodology - - General
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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