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The value in Marx and Garegnani’s fallacy

Author

Listed:
  • Fabrício Augusto de Oliveira

    (Universidade Católica de Minas Gerais. Belo Horizonte/MG, Brasil.)

Abstract

The objective of this paper is to present a critique of Garegnani’s essays onthe Marxian labor theory of value. Garegnani has been seen as one of the main representativesof the neo-Ricardian school, which breaks away with Marx’s labor theory of value.According to Garegnani, the labor theory has proved to be unable to provide adequate answersto the objectives it poses. This paper is aimed at showing that Garegnani’s position,which reduces the meaning of Marx’s labor theory to a non-circular determination of pricesand profit rates, is fallacious. Furthermore, the paper tries to show that the importance ofMarx’s theory goes far beyond the role that Garegnani has assigned to it and that it constitutes,in fact, an indispensable tool to understand the laws of motion of the capitalist system. JEL Classification: B51; D46.

Suggested Citation

  • Fabrício Augusto de Oliveira, 1983. "The value in Marx and Garegnani’s fallacy," Brazilian Journal of Political Economy, Center of Political Economy, vol. 3(3), pages 319-333, July.
    • Handle: RePEc:ekm:repojs:v:3:y:1983:i:3:id:96608
    DOI: 10.1590/0101-31571983-3055
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    Keywords

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    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory

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