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A Re(in)statement of the Labour Theory of Value


  • Mohun, Simon


This paper surveys and argues for an account of labor values and prices in the Marxian tradition that is not subject to the usual criticisms concerning their conceptual coherence and empirical relevance. This reformulation, first suggested (independently of each other) by G. Dumeenil and D. K. Foley, provides a powerful account that overturns almost a century of misconceived orthodoxy. In doing so, it enables a theoretically coherent account of the value of labor-power and an empirical account of the fundamental categories of capitalism. Copyright 1994 by Oxford University Press.

Suggested Citation

  • Mohun, Simon, 1994. "A Re(in)statement of the Labour Theory of Value," Cambridge Journal of Economics, Oxford University Press, vol. 18(4), pages 391-412, August.
  • Handle: RePEc:oup:cambje:v:18:y:1994:i:4:p:391-412

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    Cited by:

    1. Simon Mohun & Roberto Veneziani, 2017. "Value, Price, And Exploitation: The Logic Of The Transformation Problem," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1387-1420, December.
    2. Jonathan F. Cogliano, 2017. "Surplus Value Production and Realization in Marxian Theory - Applications to the U.S., 1987-2015," Working Paper Series 2017-01, Dickinson College, Department of Economics.
    3. Thomas E. Lambert & Edward Kwon, 2015. "Monopoly capital and capitalist inefficiency," International Review of Applied Economics, Taylor & Francis Journals, vol. 29(4), pages 533-552, July.
    4. Bruce Philp & Dan Wheatley, 2013. "European Work Time Regulation, Surplus-Value and Underemployment among Full-Time Employees: A Cross-Sectional Analysis using the 2009 EU LFS," Economic Issues Journal Articles, Economic Issues, vol. 18(1), pages 57-74, March.
    5. Ernesto Screpanti, 2015. "The Demise of Marx’s Labour Theory of Value and the ‘New Interpretation’: A Recap Note," Department of Economics University of Siena 708, Department of Economics, University of Siena.
    6. Freeman, Alan, 1998. "A general refutation of Okishio’s theorem and a proof of the falling rate of profit," MPRA Paper 1998, University Library of Munich, Germany.
    7. Mariolis, Theodore, 2006. "A Critique of the ‘New Approach’ to the Transformation Problem and a Proposal," MPRA Paper 24019, University Library of Munich, Germany.

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