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> Duncan states:
>
> > The NI consists of the following observations. If you think that
> > money represents labor time quantitatively, there has to be a
> > coefficient relating money to labor time in any commodity-producing
> > society at any particular time (the Monetary Expression of Labor
> > Time, or its inverse, the Value of Money).
>
> I agree completely! m is a NECESSARY variable in a labor theory of
> value. If one accepts the labor theory of value, then there MUST be a
> variable that specifies how much new-value is produced in an hour of
> average social labor
I would have said that by definition the amount of new value created in an
hour is 1 hour.
You perhaps are using the term value to refer to what Marx and the classical
economists called exchange value.
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