Value, Markets and Socialism

Science and Society 61 (3):330 - 357 (1997)
The labor theory of value provides both a moral and a conceptual foundation for an equitable and efficient socialism. Given modern information technology, a system of planning can work. Markets in consumer goods are required, but not markets for the means of production. We advocate a system of payment in labor-tokens, and argue for its superiority over the wages system in terms of both equity and economic efficiency.
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DOI 10.2307/40403641
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