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Value and exploitation: a comment

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  • Angelo Reati

Abstract

This paper comments on a recent paper by Ernesto Screpanti (2003), in this journal, on Marxian theories of value and exploitation. The paper argues, in opposition to Screpanti, that the labour theory of value is the most suitable foundation for a realistic and historically determined vision of society; that labour values provide a unique coherent conceptual framework for understanding the nature of profit; that the inconsistency of labour values is only apparent, as it disappears with a judicious choice of numeraire; and that prices of production explain much less than labour values and are therefore an inadequate substitute for the latter.

Suggested Citation

  • Angelo Reati, 2005. "Value and exploitation: a comment," Review of Political Economy, Taylor & Francis Journals, vol. 17(4), pages 609-617.
  • Handle: RePEc:taf:revpoe:v:17:y:2005:i:4:p:609-617
    DOI: 10.1080/09538250500255750
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    References listed on IDEAS

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    1. Reati, Angelo, 1986. "The Deviation of Prices from Labour Values: An Extension to the Non-competitive Case," Cambridge Journal of Economics, Oxford University Press, vol. 10(1), pages 35-42, March.
    2. Cockshott, W Paul & Cottrell, Allin F, 1997. "Labour Time versus Alternative Value Bases: A Research Note," Cambridge Journal of Economics, Oxford University Press, vol. 21(4), pages 545-549, July.
    3. Ernesto Screpanti, 2003. "Value and Exploitation: A counterfactual approach," Review of Political Economy, Taylor & Francis Journals, vol. 15(2), pages 155-171.
    4. Hahn, Frank, 1982. "The Neo-Ricardians," Cambridge Journal of Economics, Oxford University Press, vol. 6(4), pages 353-374, December.
    5. Hicks, John R, 1975. "The Scope and Status of Welfare Economics," Oxford Economic Papers, Oxford University Press, vol. 27(3), pages 307-326, November.
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