A Critical Marxist Approach to Capital Theory
MPRA Paper from University Library of Munich, Germany
This essay provides a critical Marxist reformulation, internal to the cultural tradition of Western Marxism, of Marx’s theoretical treatment of value and capital. It implies the abandonment of the ‘pure’ labour theory of value of the young Marx in favour of a ‘mixed’ labour-and capital theory of value reflecting the different theoretical perspective shown by the mature Marx, after his epistemological break described by Althusser. The accounting practice of defining and measuring income and capital is criticized, for its disregard of the financial cost of invested capital. Foley’s ‘New Interpretation’ of Marx’s theoretical system and its main variants are refused for their acritical endorsement of Marx’s assumption of a ‘new-value equality’ between the net product of the economy and the living labour employed in the production of gross output. A different method for converting quantities of labour-time in terms of money, which accounts for explicit and implicit costs, is proposed.
Keywords: value; labour; capital; money; income; capital theory; Marx; critical Marxism; scientific Marxism; surplus approach; net value equality; new interpretation; single-system interpretations; MEV; MELT. (search for similar items in EconPapers)
JEL-codes: B12 B22 B51 D24 D4 D46 E11 E22 E41 G00 G31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hme, nep-hpe and nep-pke
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