Nurbeck Mazhenov, PhD. in Economics, counselor of innovative development at LLP “TiM Consulting” (Kazakhstan, Amati)

Ainur Mazhenova, MBA, ALBA Business School, Greece, executive manager of the Project management department of “KEGOC” (Kazakhstan, Astana)

Abstract
According to the analysis of labor cost theory, the cost sources are labor expenses and involved energy flows which are transformed by means of different labor tools. The article gives an answer how to measure cost of goods in terms of energy expenses needed for their production.

KEY WORDS: value, cost, labor cost theory, A. Smith, D. Ricardo, K, Marx, F. Engels, S.A. Podolinsky, the law of Power conservation.

Download article ENERGY BASES OF THE LABOUR COST THEORY BY A.SMITH AND D.RICARDO