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How is the use of natural resources accounted for in calculating labor values?

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How is the use of natural resources accounted for in calculating labor values?

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Durable non-produced means of production, such as land of a given fertility, are a special case of joint production. Land can be regarded as simultaneously an input and an output to certain production processes. Accordingly, the labor value of a commodity produced with the aid of natural resources (either directly or indirectly) is determined by the labor time required to increase the net output of society by one more unit of that commodity. This calculation will require an analysis of marginal land. Exhaustible resources, which can be used as inputs but are not outputs of any production processes, present difficulties for the LTV. Examples include coal, oil, and various sorts of metallic ores. The Classical economists analyzed exhaustible resources by analogy to land. They generally ignored in their value theory that fertile mines would eventually be depleted. This procedure might be defended on the grounds that the time scale in which mines are depleted is longer than the time period

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