Humbug Labor Values ISABELLA K. SABATINO March 2026 In 1974, Anwar Shaikh published a landmark paper demonstrating that the Cobb-Douglas production function was in fact an accounting identity. As such, under fairly general conditions, the function would appear to ‘work’, even for nonsense data that spelled the word ‘HUMBUG’. In this paper, I argue that […]
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Originally published at Economics from the Top Down Blair Fix Download: PDF | EPUB … the value of a commodity is determined by the quantity of labour spent on it … — Karl Marx In the 1860s, Karl Marx declared that all value stemmed from labor. A century-long firestorm ensued. On its own, Marx’s claim […]
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Originally published at sbhager.com Sandy Brian Hager For four years now I’ve been teaching a postgraduate module called Global Political Economy: Contemporary Approaches. This is one of two core modules for our MA programme in Global Political Economy at City. While my module deals with theoretical approaches, the other core module, taught by my colleague […]
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