labour time sentence in Hindi
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- Empirically, one can only get as far as establishing a " grand average " for the price of an hour of work ( this is often referred to in Marxian economics as the " monetary equivalent of labour time ", or MELT ) and one can discuss the extent to which labour is undervalued or overvalued in a " relative " ( comparative ) sense.
- Proponents of the temporal single system interpretation such as Moseley ( 1999 ), who argue that the determination of prices by simultaneous linear equations ( which assumes that prices are the same at the start and end of the production period ) is logically inconsistent with the determination of value by labour time, question whether the mathematical proof that Marx's transformation problem has no general solution.
- In another classical tradition, Marx distinguished between the " value in use " ( use-value, what a commodity provides to its buyer ), labor cost which he calls " value " ( the socially-necessary labour time it embodies ), and " exchange value " ( how much labor-time the sale of the commodity can claim, Smith's " labor commanded " value ).
- In Marx's finished theory, presented in " Capital, Volume III ", the " value " of a commodity turns out to be " its socially average, current replacement cost in labour time " ( a synchronic economic reproducibility cost ), but this particular labour requirement turns out to be quite a different quantity than " both " " labour embodied " " or " " labour commanded ".
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