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Marx's Theories of Value: A Response

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  • Dixon, William
  • Kay, Geoffrey

Abstract

This paper considers the second theory of value that can be discerned in Capital. It contains the same elements as the usual theory--value and the form of value; concrete and abstract labor; labor-power and labor, etc. But by combining them in a different order and replacing value magnitudes with physical quantities, it offers an account of surplus value that is not susceptible to the familiar criticisms. The question of whether Marx intended this second theory is not discussed. However, it is argued that its consistency with Capital makes radical reformulations unnecessary. (c) 1995 Academic Press, Ltd. Copyright 1995 by Oxford University Press.

Suggested Citation

  • Dixon, William & Kay, Geoffrey, 1995. "Marx's Theories of Value: A Response," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 19(4), pages 509-522, August.
    • Handle: RePEc:oup:cambje:v:19:y:1995:i:4:p:509-22
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