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Can Commodities be Substances of Value?

Author

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  • Deepankar Basu

    (Department of Economics, University of Massachusetts Amherst)

Abstract

The Marxian labour theory of value considers labour as the only substance of value. The generalized commodity exploitation theorem (GCET) purports to demonstrate that many other commodities can be substances of value. This note argues that the GCET is based on two conceptual flaws: (a) failure to distinguish labour and labour-power; and (b) failure to distinguish labour-power and other commodities. Once these flaws are corrected, it is easy to show that commodities cannot function as the substances of value. Only labour can be the substance of value.

Suggested Citation

  • Deepankar Basu, 2020. "Can Commodities be Substances of Value?," UMASS Amherst Economics Working Papers 2020-07, University of Massachusetts Amherst, Department of Economics.
    • Handle: RePEc:ums:papers:2020-07
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    File URL: https://scholarworks.umass.edu/econ_workingpaper/290/
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    Keywords

    labour theory of value; generalized commodity exploitation theorem.;

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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