A Critical Marxist Approach to Capital Theory
AbstractThis 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.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 50527.
Date of creation: 09 Oct 2013
Date of revision:
value; labour; capital; money; income; capital theory; Marx; critical Marxism; scientific Marxism; surplus approach; net value equality; new interpretation; single-system interpretations; MEV; MELT.;
Find related papers by JEL classification:
- B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- D4 - Microeconomics - - Market Structure and Pricing
- D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
- E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Institutional; Evolutionary
- E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
- E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
- G00 - Financial Economics - - General - - - General
- G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-10-18 (All new papers)
- NEP-HME-2013-10-18 (Heterodox Microeconomics)
- NEP-HPE-2013-10-18 (History & Philosophy of Economics)
- NEP-PKE-2013-10-18 (Post Keynesian Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Cavalieri, Duccio, 2004. "On Some Equilibrium and Disequilibrium Theories of Endogenous Money: A Structuralist View," MPRA Paper 43738, University Library of Munich, Germany.
- Avi J. Cohen, 2003. "Retrospectives: Whatever Happened to the Cambridge Capital Theory Controversies?," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 17(1), pages 199-214, Winter.
- repec:pra:mprapa:44127 is not listed on IDEAS
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