Labour value and socialist economic calculation
- 1 February 1989
- journal article
- research article
- Published by Taylor & Francis in Economy and Society
- Vol. 18 (1) , 71-99
- https://doi.org/10.1080/03085148900000003
Abstract
The use of labour values as a basis for economic calculation in a socialist economy is defended. A resource allocation mechanism is outlined that uses a combination of labour value calculation with market clearing prices for consumer goods. Conditions for full employment are specified. A type theoretic analysis of economic calculation is presented. Information theory is used to estimate the information content of real price vectors. It is demonstrated that both price calculations and value calculations are type theory equivalent and that both involve information loss. It is shown that modern computer technology is capable of computing up to date labour values with comparative ease.Keywords
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