Prices of production

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Prices of production. 1 connected concept: Cost-of-production theory of value (related to).

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Community · Cost-of-production theory of value

Summary

Prices of production is a concept in Karl Marx's critique of political economy, defined as "cost-price + average profit".

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Connections1

central concept derived from production costs
In classical economics, the natural price is the long-term equilibrium price of a good, which is determined by the sum of the costs of production, including wages, rent, and profit.
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