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

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Author Info
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.

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File URL: http://www.face.ufmg.br/novaeconomia/sumarios/v14n3/140305.pdf
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Publisher Info
Article provided by Economics Department, Universidade Federal de Minas Gerais (Brazil) in its journal Nova Economia.

Volume (Year): 14 (2004)
Issue (Month): 3 (September-December)
Pages: 143-158
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Handle: RePEc:nov:artigo:v:14:y:2004:i:3:p:143-158

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Related research
Keywords: value; competition; years worked; inequalities; Marx;

Find related papers by 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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