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      Average and Marginal Labour Values are: On Log (n)—A Reply to Hagendorf

      research-article
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      World Review of Political Economy
      Pluto Journals
      value theory, marginalism, small world
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            Abstract

            The article discusses Hagendorf's contribution to the debate on average versus marginal labour costs as a metric of economic efficiency. It criticises his assumption of rising marginal costs and compares his position to that of other authorities. It provides arguments as to why marginal labour costs tend to fall in industrial economies. It then goes on to look at the practical viability of performing such calculations, using empirical data. These indicate that the non-null elements of the technology matrix tend to grow as n log n, making the calculations tractable.

            Content

            Author and article information

            Journal
            10.13169
            worlrevipoliecon
            World Review of Political Economy
            Pluto Journals
            2042891X
            20428928
            Summer 2014
            : 5
            : 2
            : 258-275
            Article
            worlrevipoliecon.5.2.0258
            10.13169/worlrevipoliecon.5.2.0258
            c1a49ed7-9ca2-402b-b1c4-c6d295d0c4eb
            Copyright 2014 World Association for Political Economy

            All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles published in the journal are distributed under a http://creativecommons.org/licenses/by/4.0/.

            History
            Categories
            Communications

            Political economics
            marginalism,small world,value theory

            Note

            1. Ball (2010) has argued that a shift in Soviet Account practice occurred from the 1960s when development costs ceased to be met out of grants and had instead to be met out of sales revenues. He argues that this led to a decline in the rate at which innovative technologies were applied in the USSR.

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