Re: Jacobinism and the labour theory of value | Paul Cockshott | Midwestern Marx


M. M. asks, "Where does the MONETARY EQUIVALENT OF LABOR come from?" Cockshott defined it: "...Marxist economists term the Monetary Equivalent of Labour Time. This parameter can be fixed by looking at the total monetary value of output in an economy versus the total labour used." That is, the total monetary value is the sum of final prices. The total labor used is, for Cockshott, the total hours put in.

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