Marx’s Critique of Classical Political Economy

Bob Milward
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Bob Milward: University of Central Lancashire

Chapter 4 in Marxian Political Economy, 2000, pp 38-51 from Palgrave Macmillan

Abstract: Abstract In his critique, Marx attempted to expose four fundamental errors in the classical law of value. The first error was contained in the confusion between labour and labour power and Marx corrects this in his theory of wages. The second error was the inability of the classical law to explain the origins of surplus value; this Marx corrects in his theory of capital. The third error was the confusion between ‘values’ and ‘prices’, which is overcome by Marx in his analysis of the transformation problem. Finally, Marx observed that there was an inability to explain the emergence of rent and his solution to the transformation problem is a necessary prerequisite for the explanation.

Keywords: Real Wage; Labour Power; Subsistence Level; Surplus Labour; Organic Composition (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-28748-8_4

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DOI: 10.1057/9780230287488_4

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