Socially Necessary Technique
The typical representation of the problem of choice of technique involves the selection of a desired combination of production methods from a ‘book of blue-prints’ which contains the set of all available methods. In a competitive economy the cost-minimizing combination of techniques is chosen, and it is this ‘efficient’ set of techniques which is relevant to the analysis of price determination.
- Marx, K. 1867. Capital, vol. I. Harmondsworth: Penguin Books, 1976.Google Scholar