Abstract
The proposed solution is based on the assumption of the invariance of the general profit rate and a money wage level determined simultaneously with prices. The labour cost is determined in the value space by a given exploitation rate (based on a historical cost as the other input coefficients) while it is determined endogenously in the monetary space. This solution diverges from the neo-Ricardian solution based on the invariance of a subsistence basket. It also diverges from the Dumenil-Foley-Lipietz solution based on the invariance of the labour cost while the general profit rate is endogenously determined with prices.
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