Structure and Practice in the Labor Theory of Value

Herbert Gintis and Samuel Bowles

Review of Radical Political Economics, 1981, vol. 12, issue 4, 1-26

Abstract: The Marxian labor theory of value has been criticized in recent years by neoclassical and Sraffian economists as superfluous to the analysis of capitalist economies. It is argued in this paper the usual presentations and de fenses of the labor theory of value are indeed faulty, but the theory itself is never theless indispensable. We develop a defense of the labor theory of value based on the proposition that both labor and labor-power fail to reduce to generalized commodity relations.

Date: 1981
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:12:y:1981:i:4:p:1-26

DOI: 10.1177/048661348101200401

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