Criticism of the labor theory of value: A new look at the old controversy

Andrei Kolganov

Voprosy Ekonomiki, 2022, issue 1

Abstract: The article is devoted to the critique of K. Marx’s labor theory of value, which was started in 1884 by F. G. Wicksteed. This polemic is based on a misunderstanding of the scientific abstraction method and the dialectics of Marx. His opponents critisize Marx for not using the notion of “abstract utility”. It is shown why the exchange value of goods should be based on socially necessary labor costs. The subjective utility value is not suitable to determine the proportions of exchange.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2022:id:4095

DOI: 10.32609/0042-8736-2023-1-123-131

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