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Title: The law of value : a contribution to the classical approach to economic analysis
Author: Wright, Ian Paul
ISNI:       0000 0001 2424 0015
Awarding Body: Open University
Current Institution: Open University
Date of Award: 2016
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This thesis contributes to our understanding of the relationship be- tween the material activity of human labour and the monetary forms of an economy by examining the theoretical foundations of the classi- cal approach to economic analysis, in particular the objective costs-of- production approach to economic value. The classical labour theory of value suffers from two related prob- lems: David Ricardo's problem of an invariable measure of value and Karl Marx's transformation problem. This thesis proposes to resolve both problems by constructing a more general labour theory of value. The more general theory provides a new perspective on related issues in the classical theory, including Marx's classification of money-capital as an irrational commodity, the meaning and significance of Piero Sraffa's standard commodity and Luigi Pasinetti's restriction of the labour theory to a normative role. According to the classical account of capitalist competition the scram- ble for profit causes market prices to "gravitate" to natural prices. This thesis proposes a nonlinear dynamic model of classical gravitation in which prices and labour costs converge to a state of mutual consistency in equilibrium. The dynamic model, combined with a general labour theory of value, establishes a lawful relation between prices and labour costs, which reconstructs Marx's version of the classical "law of value".
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available