1. The Theory Of Money And The Theory Of Value
... of course exists only as an asymptotic abstract notion), these balance sheets and income statements exactly measure value in the sense of the labor theory of value. For any particular capital or group of capitals (a firm, sector, industry, or nation) the value flows measured in money terms may deviate from true value flows because of unequal exchanges in which value is either transferred ... Marx thought value to be - - an abstract property common to all objects, but never existing independently - and the puzzles that arise in trying to measure value. Like weight, value is inherently qu...
- Word Count: 5092
- Approx Pages: 20
- Grade Level: Undergraduate