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...

Ronald Meek has (deliberately) ignored a very important discovery of Jevons. When labour is measured in terms of marginal labour values prices are proportional to these values and commodities exchange accordingly. This has been rediscovered by Soviet economists and that has been published in the...

An investigation into the metric space generated by commodity exchange. Shows that this is an non-Euclidean space. Provides empirical data comparing labour and electricity as the possible supports for this metric space.

The Global Financial Crises has motivated some to rethink the dominance of global capitalism. This has revived an interest in Marxist doctrine and in particular its examination of the notion of exploitation. Marx’s theory of value is central to his examination of exploitation. This paper will...

Reich (2013) recapitulates my model (Helmedag 2012a) incorrectly. Above all, he mixes up exogenous with endogenous variables. Moreover, Reich's interpretation of the system's dynamics is on the one hand formally insufficient; on the other hand, matters are presented in a more complicated way...

The renewal of Marx's interpretation of capitalist society implies the recovery and development of his Theory of Value. The stream of thought known as Abstract Labour Theory of Value, or New Interpretation, proposes to do this, and points out that value is a category that is formed in the...

In this paper, the concept of “productive energy” as a substitute for conventional labour is examined historically, theoretically and empirically. Over the course of the last centuries, productive energy has been substituted for human, muscle- and brain-based work, providing the wherewithal...

One of the foundations of the labour theory of value used by Ricardo in the Principles is that rent does not enter into commodity prices. In response to objections raised by Malthus and Say, Ricardo defended this idea by arguing that even where all cultivated land pays rent, the last dose of...

Drawing inspiration from aspects of the sensationist philosophy of the time and also the political philosophy of Jean-Jacques Rousseau, Jean-Joseph-Louis Graslin (1727-1790) - a fierce critic of Physiocracy - developed a remarkably coherent political economy based on a 'three stages' theory...