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A New Labor Theory of value for Rational Planning through use of the Bourgeois Profit Rate
C. C. Von Weizsacker and Paul A. Samuelson
Proceedings of the National Academy of Sciences of the United States of America
Vol. 68, No. 6 (Jun., 1971), pp. 1192-1194
Published by: National Academy of Sciences
Stable URL: http://www.jstor.org/stable/60304
Page Count: 3
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To maximize steady-state per capita consumptions, goods should be valued at their ``synchronized labor requirement costs'', which are shown to deviate from Marx's schemata of ``values'' but to coincide with bourgeois prices calculated at dated labor requirements, marked-up by compound interest, at a profit or interest rate equal to the system's rate of exponential growth. With capitalists saving all their incomes for future profits, workers get all there is to get. Departures from such an exogenous, or endogenous, golden-rule state are the rule in history rather than the exception. In the case of exponential labor-augmenting change, it is shown that competitive prices will equal historically embodied labor content.
Proceedings of the National Academy of Sciences of the United States of America © 1971 National Academy of Sciences