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Labour Values and the Theory of the Firm: Part I: The Competitive Firm

Author

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  • Hagendorf, Klaus

Abstract

This paper is the first part of a Marxian critique of the theory of the firm, focusing on the analysis of labour values. Starting from Adam Smith's example of the deer hunter marginal analysis is introduced, culminating in the derivation of the Labour Value Function as the supply curve of the competitive firm in terms of labour values. The analysis is based on a new definition of labour value, which is Marxian in spirit and respects explicitly production conditions and by this becomes an integral part of modern mathematical optimization methods not found in Marx. The analysis offers a further development and coherent interpretation of Marx's value theory. The analysis is limited to the case of the competitive firm.

Suggested Citation

  • Hagendorf, Klaus, 2009. "Labour Values and the Theory of the Firm: Part I: The Competitive Firm," MPRA Paper 18698, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:18698
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    File URL: https://mpra.ub.uni-muenchen.de/18698/1/MPRA_paper_18698.pdf
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    More about this item

    Keywords

    Marxian economics; labour theory of value; value theory; marginal analysis; microeconomics; theory of the firm; marginal cost; the labour value function; supply function; Adam Smith;

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • D41 - Microeconomics - - Market Structure, Pricing, and Design - - - Perfect Competition
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian

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