2023 - Franco Angeli
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A Critical Note on Ricardo's views on Absolute and Relative Value in terms of Labor Values
53-66 p.
- This note examines Ricardo's views on absolute and relative value in terms of the labor theory of value. It discusses why Ricardo viewed the construction of a standard of value capable of measuring changes in the absolute value of commodities as critical to understanding the division of the national product among the main contending classes in a competitive capitalist economy. The paper also highlights the shortcomings of Ricardo's proposed standard measure of value - one that would challenge and confound him all his life. [Publisher's text].
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Information
ISSN: 2280-188X
KEYWORDS
- absolute value, competitive capitalist economy, invariable measure of value, labor theory of value, national product, natural prices, relative value
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