Social Sciences
4 years ago

Labour values redefine firm economics, revolutionizing competitive markets.

RePEc: Research Papers in Economics
Labour Values and the Theory of the Firm: Part I: The Competitive Firm
Klaus Hagendorf

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The article discusses how labour values can be used to analyze competitive firms. It introduces the Labour Value Function as the supply curve of a competitive firm, based on a new definition of labour value that considers production conditions. This analysis offers a new perspective on Marx's value theory and is limited to the case of competitive firms.