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Marx’s Labor Theory of Value and Its Implications for Structural Problems in China’s Economy

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  • Bangxi Li

Abstract

This paper computes the values of commodities (including fixed capital) as well as production prices in China’s economy. In light of Marx’s transformation problem, the ratios of production prices to the values of 24 major commodities are computed. It is shown that the ratio of price to value in agriculture is the lowest, which indicates that agriculture is facing an unequal exchange of labor with other sectors.

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  • Bangxi Li, 2014. "Marx’s Labor Theory of Value and Its Implications for Structural Problems in China’s Economy," Economic and Political Studies, Taylor & Francis Journals, vol. 2(2), pages 139-150, July.
    • Handle: RePEc:taf:repsxx:v:2:y:2014:i:2:p:139-150
    DOI: 10.1080/20954816.2014.11673848
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