Marx's Labour Theory of Value Revisited

Chai-on Lee

Cambridge Journal of Economics, 1993, vol. 17, issue 4, 463-78

Abstract: Providing direct replies to the three charges of redundancy (Ricardian prices), inconsistency (negative surplus value with positive profit and the value-to-price transformation), and lack of realism (immeasurability of labor) often made against Marx's labor theory of value are provided while the conventional homogeneous labor theory of value, the Rubinian value theory, and the value-form analytics are criticized each as tautologies or dogmatism. Marx's original value theory, which does not preclude nonlabor product commodities and unproductive (nonexploitable) labors, the paper shows, can serve as the basis for the theories of class and the state without suffering from the three charges. (c) 1993 Academic Press, Inc. Copyright 1993 by Oxford University Press.

Date: 1993
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