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Value Theory in an Incomplete Capitalist System


  • Bill Dunn

    (University of Sydney, Sydney, Australia)


The centrality of social labor to Marxist epistemology and the need to understand relations between capitalist production, strictly defined, and incompletely marketized forms of work require a relatively broad concept of value. Not simply a theory of price, the utility of the concept of value lies precisely in its ability to mediate between understanding the abstract truths of labor’s centrality to social life and the complex concreteness of the real world economy. The logical necessity and practical utility of the proposed interpretation is illustrated in relation to state and domestic labor.JEL classification: B51, B54, J01

Suggested Citation

  • Bill Dunn, 2011. "Value Theory in an Incomplete Capitalist System," Review of Radical Political Economics, Union for Radical Political Economics, vol. 43(4), pages 488-505, December.
  • Handle: RePEc:sae:reorpe:v:43:y:2011:i:4:p:488-505

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    References listed on IDEAS

    1. Jan Kregel, 2008. "Minsky’s Cushions of Safety: Systemic Risk and the Crisis in the U.S. Subprime Mortgage Market," Economics Public Policy Brief Archive ppb_93, Levy Economics Institute.
    2. Harvey, David, 2007. "A Brief History of Neoliberalism," OUP Catalogue, Oxford University Press, number 9780199283279.
    3. Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-654, May-June.
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    More about this item


    value; work; labor power; state capitalism; domestic labor;

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • B54 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Feminist Economics
    • J01 - Labor and Demographic Economics - - General - - - Labor Economics: General


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