The Demise of Marx’s Labour Theory of Value and the ‘New Interpretation’: A Recap Note

Ernesto Screpanti ()

Department of Economics University of Siena from Department of Economics, University of Siena

Abstract: Marx’s theory of labour value is flawed. This note summarizes the main reasons why this is so. At the same time, it claims that the theory of exploitation does not depend on a labour embodied valuation and can be expounded by resorting to the theory of production prices. Almost all Marxists have now accepted this truth. Most of them have been convinced by a ‘new interpretation’ which has been able to translate the price of net output into an amount of ‘living labour’ and the rate of exploitation into a ratio between unpaid and paid labour. What produced such a surprising result is the use of labour productivity as a numeraire

Keywords: Marxian Economics; Labour Values; Prices of Production; Theory of Exploitation (search for similar items in EconPapers)
JEL-codes: B14 E11 (search for similar items in EconPapers)
Date: 2015-03
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe, nep-mac and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:usi:wpaper:708

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