Abstract
In planning the socialist economy and ensuring a balanced development of social production and a maximum increase in the productivity of labor, it is indispensable to know the value of various products, i.e., the amount of socially necessary labor expended for the output of each product. Only if this condition is observed is it possible to correctly distribute social labor resources and means of production among the different sectors and thus achieve their most effective utilization. The economic effectiveness of different technical variants of production (new equipment, for instance) can be correctly determined only on the basis of value. The same is true of selecting those paths of development (both in separate sectors and in social production as a whole) that will ensure maximum labor productivity in the whole national economy.
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