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A Critical Marxist Simple Approach to Capital Theory

Author

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  • Cavalieri, Duccio

Abstract

This essay provides a simple, non-technical reformulation of Marx’s theoretical treatment of value and capital. It implies the abandonment of the ‘pure’ labour theory of value and of the ‘new value’ equality between the net product of the economy and the living labour employed in production of gross output, and a development of the different theoretical perspective outlined by the mature Marx. A correct method for converting quantities of labour-time in terms of money, which accounts for both explicit and implicit costs, is proposed.

Suggested Citation

  • Cavalieri, Duccio, 2014. "A Critical Marxist Simple Approach to Capital Theory," MPRA Paper 58213, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:58213
    as

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    File URL: https://mpra.ub.uni-muenchen.de/58213/1/MPRA_paper_58213.pdf
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    References listed on IDEAS

    as
    1. Duccio Cavalieri, 2004. "On Some Equilibrium and Disequilibrium Theories of Endogenous Money: A Structuralist View," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 12(3), pages 51-83.
    2. repec:pra:mprapa:44127 is not listed on IDEAS
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    More about this item

    Keywords

    value forms; labour; capital; money; capital theory; critical Marxism; MEV; MELT.;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian

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