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The concept of surplus is central in the analysis of capitalism. From the Marxian literature we can identify two main approaches: on the one hand, the concept of surplus developed by Marx based on the distribution of time worked between workers and capitalists; while on the other, the concept of...
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The controversy over Ricardo's corn model has focused on the interpretation of his early writings. Here, Ricardo's later use of a corn model example in his dispute with Malthus over gluts is discussed. Malthus's own use of a corn model table in attempting to justify his use of a labour commanded...
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This paper disproves Ricardo's simple relation between cost and price. Instead, it shows that a more valuable worker may lead to lower price, or more quantity and profit. This paper also shows that practicing Ricardo's simple-minded logic is despotic with suicidal result, and that its...
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the labor theory of value. Like others, we argue that in the The Wealth of Nations Smith discussed the “early and rude … state” in which the labor theory of value made some sense since labor and human circumstances were relatively simple and … knowable. However, because the labor theory of value is only sensible in that special case, his description of the theory …
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