Accounting for labour as a foundation of the money – goods economy
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Productive labour is a fundamental element in both economic theory and economic reality. This truth has been present in the economic thought since pre-historic times. Research leads to the conclusion that correct understanding of the money – goods economy requires the abstract concept of money seen as wage or salary receivables. The money goods – economy set into motion two real streams; one involves a flow of products, the second is determined by the costs of labour, that is to say the re-ceivables from compensations. This way of reasoning leads to formulating the wage theory of equation. It allows for solution of the basic problems, such as money unit stability and the size of credit in the given economy. The paper provides a frame-work for the necessary reform.
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