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Marx's Theory of Value, Exchange and Surplus Value: A Suggested Reformulation


  • Cartelier, Jean


This paper attempts to evaluate the consistency of the theoretical propositions inherent in the main concepts of Marx's theory of exchange and surplus-value. The principal contention is that an internal criticism of Marx's theory leads one to restate it in a different framework. This framework, which may be called the "monetary approach," represents an alternative to the theory of value. Marx did not succeed in deriving the concept of money from that of commodity. As a consequence, money has to be presupposed at the very outset, departing from the typical abstraction of the theory of value. The paper points out the logical inconsistencies which make the theory of surplus-value unsuitable for its intended purpose. A reformulation is suggested in which the monetary character of economic relations is again central. Copyright 1991 by Oxford University Press.

Suggested Citation

  • Cartelier, Jean, 1991. "Marx's Theory of Value, Exchange and Surplus Value: A Suggested Reformulation," Cambridge Journal of Economics, Oxford University Press, vol. 15(3), pages 257-269, September.
  • Handle: RePEc:oup:cambje:v:15:y:1991:i:3:p:257-69

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    Cited by:

    1. Jean Cartelier, 2006. "Comptabilité et pensée économique. Introduction à une réflexion théorique," Revue économique, Presses de Sciences-Po, vol. 57(5), pages 1009-1032.
    2. Jean Cartelier, 2017. "About Waged Labour: From Monetary Subordination to Exploitation," Economic Thought, World Economics Association, vol. 6(2), pages 27-36, September.
    3. Eduardo Bolaños Cerón & Alexander Tobón Arias, 2001. "Un mecanismo de precios para la teoria del valor," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 55, pages 31-68, Julio Dic.
    4. Nenovsky, Nikolay, 2018. "Парите Като Координация На Стоковото Стопанство. Стари И Нови Прочити На Теорията На Маркс [Money as coordination, new and old readings of Marx]," MPRA Paper 85295, University Library of Munich, Germany.
    5. Alejandro Sancho, 1997. "Excedente, valor y distribución en las teorías clásica y marxista del crecimiento," Apuntes. Revista de ciencias sociales, Fondo Editorial, Universidad del Pacífico, vol. 24(41), pages 105-128.
    6. Stavros Mavroudeas, 2017. "Is Cartelier's Monetary Approach a Convincing Alternative to the Labour Theory of Value? A Comment," Economic Thought, World Economics Association, vol. 6(2), pages 45-52, September.
    7. Stefano Perri, 2003. "The Counterfactual Method of Marx's Theory of Surplus," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 107-124.

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