On the theory of capital in post-industrial societies
AbstractThis is an analysis of the present unsatisfactory state of the theory of capital and a proposal to reformulate this theory in line with some neglected late-Marxian views on the subject and in the light of the passage of capitalism from the industrial to a post-industrial era characterized by the dominance of speculative finance. The author’s aim is to provide a better integration of the theory of capital with those of money and finance. Attention is focused on a Marxian price index, the monetary expression of labour value, MEV, which accounts for both explicit and implicit cost components and, differently from MELT, does not consider only the money value of living labour time.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 51719.
Date of creation: 25 Nov 2013
Date of revision:
value; capital theory; post-industrialism; critical Marxism; MEV.;
Find related papers by JEL classification:
- B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
- B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-12-06 (All new papers)
- NEP-HME-2013-12-06 (Heterodox Microeconomics)
- NEP-HPE-2013-12-06 (History & Philosophy of Economics)
- NEP-MAC-2013-12-06 (Macroeconomics)
- NEP-PKE-2013-12-06 (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.:
- Freeman, Alan & Kliman, Andrew, 2008. "Simultaneous Valuation vs. the Exploitation Theory of Profit: A summing up," MPRA Paper 6891, University Library of Munich, Germany.
- Keen, Steve, 1993. "Use-Value, Exchange Value, and the Demise of Marx's Labor Theory of Value," Journal of the History of Economic Thought, Cambridge University Press, vol. 15(01), pages 107-121, March.
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