Year: 1972
Author: Bernholz, Peter, Faber, Malte
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 92 (1972), Iss. 3 : pp. 289–305
Abstract
Some Problems of the Labor Theory of Value: Extended Reproduction
The authors extend the static analysis of a previous paper on problems of the Labor Theory of Value (Schm. Jb., Vol. 91, 1971, pp. 657-668) to models with extended reproduction, i.e., with capital production. Two questions are examined: Is an optimal allocation of resources possible in a planned economy, if prices used for the optimal plan are determined according to the Labor Theory of Value? Can the Labor Theory of Value explain prices observed in a competitive market economy? The authors show successively for a model with simple and for one with capitalistic reproduction that a positive answer to each question can be given only under highly restrictive conditions
Journal Article Details
Publisher Name: Global Science Press
Language: Multiple languages
DOI: https://doi.org/10.3790/schm.92.3.289
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 92 (1972), Iss. 3 : pp. 289–305
Published online: 1972-03
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 17