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The Labour Theory of Value: A Marginal Analysis

Author

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  • Hagendorf, Klaus

Abstract

The difficulties of the classical and Marxian labour theory of value are overcome when labour is measured in terms of marginal labour value. Marginal labour value is the inverse of the marginal productivity of labour. Relative prices are equal to the ratio of marginal labour values. This article presents the marginal approach to the labour theory of value.

Suggested Citation

  • Hagendorf, Klaus, 2008. "The Labour Theory of Value: A Marginal Analysis," MPRA Paper 10202, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:10202
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    More about this item

    Keywords

    Exploitation; Labour Theory of Value; Marginal Analysis; Marxism;

    JEL classification:

    • D0 - Microeconomics - - General
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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