A Proof of Labor Theory of Value based on Marginalist Principle

Hiroshi Onishi
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Hiroshi Onishi: Faculty of Economics, Keio University

No 2018-012, Keio-IES Discussion Paper Series from Institute for Economics Studies, Keio University

Abstract: Because anti-Marxist's criticism against Fundamental Marxian Theorem(FMT) is based on an assertion that this proof can be understood as a "sun-power exploitation,"if we assume, for example, "Sun-power Theory of Value", we should prove not only exploitation but also Labor Theory of Value itself. Therefore, this paper aims to prove Labor Theory of Value mathematically by focusing on the historically conditional proportionality between labor input and amount of products which is assumed in Labor Theory of Value. By this proof of the conditional proportionality, we show that marginalist principle does not disturb Labor Theory of Value in capitalism at all. Furthermore, marginalist principle is important to show the labor process as a subjective optimization process which is not by the sun but only by human beings. In this way, we use anti-Marxist's marginal principle to object anti-Marxist criticism against Labor Theory of Value.

Keywords: Fundamental Marxian Theorem; labor theory of value; marginalist principle; constant return to labor; machine-based production system (search for similar items in EconPapers)
JEL-codes: B13 B14 B24 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2018-08-03
New Economics Papers: this item is included in nep-hme and nep-pke
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