Labour Values and the Theory of the Firm: Part I: The Competitive Firm

Klaus Hagendorf

MPRA Paper from University Library of Munich, Germany

Abstract: This paper is the first part of a Marxian critique of the theory of the firm, focusing on the analysis of labour values. Starting from Adam Smith's example of the deer hunter marginal analysis is introduced, culminating in the derivation of the Labour Value Function as the supply curve of the competitive firm in terms of labour values. The analysis is based on a new definition of labour value, which is Marxian in spirit and respects explicitly production conditions and by this becomes an integral part of modern mathematical optimization methods not found in Marx. The analysis offers a further development and coherent interpretation of Marx's value theory. The analysis is limited to the case of the competitive firm.

Keywords: Marxian economics; labour theory of value; value theory; marginal analysis; microeconomics; theory of the firm; marginal cost; the labour value function; supply function; Adam Smith (search for similar items in EconPapers)
JEL-codes: A13 B12 B14 B24 B51 D21 D41 D46 (search for similar items in EconPapers)
Date: 2009-12-19
New Economics Papers: this item is included in nep-hpe
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/18698/1/MPRA_paper_18698.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:18698

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().