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Case Study: The Theory of Value

  • Leszek Nowak
Chapter
Part of the Synthese Library book series (SYLI, volume 139)

Abstract

Let us consider a typical theorem of Marx in Capital, the law of value. It says that the prices of commodities are formed with respect to their values (the amount of socially indispensable time to produce these commodities). But that holds only under certain conditions. Let us try to reconstruct them.

Keywords

Market Price Capitalist Production Average Profit Organic Composition Perfect Competition 
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Notes

  1. 1.
    As Lange (1) has shown, formulations of this type are not correct from the point of view of the modern theory of decision.Google Scholar
  2. 2.
    My italics will be marked with the initials ‘L.N.’ in this book.Google Scholar
  3. 3.
    Translation is corrected here.Google Scholar

Copyright information

© Springer Science+Business Media Dordrecht 1980

Authors and Affiliations

  • Leszek Nowak

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