Value and the quest for the core of capitalism

David Laibman
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David Laibman: Economics, The Graduate School, City University of New York, 365 Fifth Avenue, New York, NY 10016, USA; Tel.: +1-718-789-9565; fax: +1-718-789-3864 dlaibman@netzero.net

Review of Radical Political Economics, 2002, vol. 34, issue 2, 159-178

Abstract: Despite its exasperating opacity and lack of closure, the value debate has a vital objective: to grasp those defining aspects of capitalist society that do not appear on the visible surface space of conscious individual actors. In pursuit of this objective, careful conceptual analysis reveals that the long-standing "transformation problem" is misconceived; that the labor value dimension in the abstract capitalist economy is determinate and unique. This solution to age-old puzzles enables us to renew the study of the relation between labor-as-value and the homeostatic and systemic aspects of capitalist reproduction that cannot be reduced to individual constrained optimization.

Keywords: Value theory; Marxist economics; Capitalism (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:34:y:2002:i:2:p:159-178

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