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Economic Analysis: Theory and Practice

A new interpretation of the objectivist concept of value in the context of the theory of material reproduction

Vol. 23, Iss. 4, APRIL 2024

Received: 1 April 2021

Received in revised form: 29 April 2021

Accepted: 11 May 2021

Available online: 26 April 2024


JEL Classification: B51, C62, C68, D46

Pages: 783–800


Subject. This article deals with the issues related to non-price methods to measure the quantity of capital and value as a basic postulate of economic theory that defines the interpretation of all key characteristics of social production.
Objectives. The article aims to develop a model that can help determine the state of the economic system using no abstract concepts of labor and utility.
Methods. For the study, I used the methods of logical and mathematical analyses.
Results. The article presents a mathematical model of material reproduction that links the range of products produced and prices in terms of material resources and time.
Conclusions. Material factors of value formation can be determined. The alternative to the subjectivist approach includes the potential realized both in empirical studies on the economy and in the practice of macroeconomic regulation and planning of areas' economic development.

Keywords: post-Keynesian economics, neo-Ricardianism, Sraffianism, theory of value, capital


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