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As várias dimensões da lei do valor [The various dimensions of the law of value]

Author

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  • João Machado Borges Neto

    (PUC-SP)

Abstract

This article intends to demonstrate that the law of value can be understood based on three successive versions, through which it becomes progressively more complex. The least complex law is the law of value determined by years worked. The second version is the law of social work distribution (which may also be interpreted as the law of equilibrium in the distribution of social work). Examination of the impact of intrasectorial competition among capitals in the capitalist economy leads to the third version of the law of value, the law of minimization of abstract work time. In this manner, the law of value is a dynamic law which forms the basis for general laws of capitalist economy development. Finally, in the international scene, the law of value is presented as the law of high-profit generation and of the widening of inequality.

Suggested Citation

  • João Machado Borges Neto, 2004. "As várias dimensões da lei do valor [The various dimensions of the law of value]," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 14(3), pages 143-158, September.
    • Handle: RePEc:nov:artigo:v:14:y:2004:i:3:p:143-158
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    More about this item

    Keywords

    value; competition; years worked; inequalities; Marx;
    All these keywords.

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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