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Marx's Labour Theory of Value Revisited

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  • Lee, Chai-on

Abstract

Providing direct replies to the three charges of redundancy (Ricardian prices), inconsistency (negative surplus value with positive profit and the value-to-price transformation), and lack of realism (immeasurability of labor) often made against Marx's labor theory of value are provided while the conventional homogeneous labor theory of value, the Rubinian value theory, and the value-form analytics are criticized each as tautologies or dogmatism. Marx's original value theory, which does not preclude nonlabor product commodities and unproductive (nonexploitable) labors, the paper shows, can serve as the basis for the theories of class and the state without suffering from the three charges. (c) 1993 Academic Press, Inc. Copyright 1993 by Oxford University Press.

Suggested Citation

  • Lee, Chai-on, 1993. "Marx's Labour Theory of Value Revisited," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 17(4), pages 463-478, December.
    • Handle: RePEc:oup:cambje:v:17:y:1993:i:4:p:463-78
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    Cited by:

    1. Jeon, Heesang, 2015. "Knowledge and Contemporary Capitalism in Light of Marx's Value Theory," Thesis Commons g5njk, Center for Open Science.
    2. Andrew Kliman & Ted McGlone, 1999. "A Temporal Single-system Interpretation of Marx's Value Theory," Review of Political Economy, Taylor & Francis Journals, vol. 11(1), pages 33-59.
    3. Freeman, Alan, 2010. "Trends in Value Theory since 1881," MPRA Paper 48646, University Library of Munich, Germany, revised 04 Jan 2011.
    4. Freeman, Alan & Kliman, Andrew, 1998. "Simultaneous and Temporal Valuation Contrasted," MPRA Paper 52805, University Library of Munich, Germany, revised 23 Sep 1998.

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