Labor Theory of Value: Problems and Historical Significance

M. Bodrikov

Voprosy Ekonomiki, 2008, issue 4

Abstract: The article considers basic propositions of the labor theory of value and related discussions in modern economic literature. It also analyzes different approaches to the solution of the transformation problem. The author shows that the first and unique attempt to ground this theory was made by K. Marx. He also affirms that Marx’s proof has no logical contradictions, but is true only in the specific case of production with one initial resource. The hypothesis is introduced that the Marxist model of the value-price is the convenient basis for construction of the general theory of value.

Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2008:id:1291

DOI: 10.32609/0042-8736-2008-4-110-129

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