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slides 6 - MyCourses
slides 6 - MyCourses

... Assume that flexible wages and prices are maintaining full employment, to which corresponds a certain level of real income Y, and assume the stock of money to be given for the time being, and a given V (payments technology), then the price level is proportional to the stock of money. That is, an inc ...
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Labor theory of value

The labor theory of value (LTV) is a heterodox economic theory of value that argues that the economic value of a good or service is determined by the total amount of socially necessary labor required to produce it, rather than by the use or pleasure its owner gets from it. At present this concept is usually associated with Marxian economics, although it is also used in the theories of earlier classical economists such as Adam Smith and David Ricardo and later also in anarchist economics.
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