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The Demise of Marx’s Labour Theory of Value and the ‘New Interpretation’: A Recap Note

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  • Ernesto Screpanti

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Abstract

Marx’s theory of labour value is flawed. This note summarizes the main reasons why this is so. At the same time, it claims that the theory of exploitation does not depend on a labour embodied valuation and can be expounded by resorting to the theory of production prices. Almost all Marxists have now accepted this truth. Most of them have been convinced by a ‘new interpretation’ which has been able to translate the price of net output into an amount of ‘living labour’ and the rate of exploitation into a ratio between unpaid and paid labour. What produced such a surprising result is the use of labour productivity as a numeraire

Suggested Citation

  • Ernesto Screpanti, 2015. "The Demise of Marx’s Labour Theory of Value and the ‘New Interpretation’: A Recap Note," Department of Economics University of Siena 708, Department of Economics, University of Siena.
  • Handle: RePEc:usi:wpaper:708
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    File URL: http://repec.deps.unisi.it/quaderni/708.pdf
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    References listed on IDEAS

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    1. Lipietz, Alain, 1982. "The so-called "transformation problem" revisited," Journal of Economic Theory, Elsevier, vol. 26(1), pages 59-88, February.
    2. Richard D. Wolff & Bruce Roberts & Antonino Callari, 1982. "Marx's (not Ricardo's) ‘Transformation Problem’: A Radical Reconceptualization," History of Political Economy, Duke University Press, vol. 14(4), pages 564-582, Winter.
    3. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, December.
    4. Ernesto Screpanti, 2003. "Value and Exploitation: A counterfactual approach," Review of Political Economy, Taylor & Francis Journals, vol. 15(2), pages 155-171.
    5. Scott Carter, 2014. "From ‘Pool of Profits’ to Surplus and Deficit Industries: Archival Evidence on the Evolution of Piero Sraffa’s Thought," RESEARCH IN POLITICAL ECONOMY,in: Paul Zarembka (ed.), SRAFFA AND ALTHUSSER RECONSIDERED; NEOLIBERALISM ADVANCING IN SOUTH AFRICA, ENGLAND, AND GREECE, volume 29, chapter 1, pages 3-61 Paul Zarembka.
    6. Mohun, Simon, 1994. "A Re(in)statement of the Labour Theory of Value," Cambridge Journal of Economics, Oxford University Press, vol. 18(4), pages 391-412, August.
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    Cited by:

    1. Alberto GABRIELE, 2016. "Lessons from Enterprise Reforms in China and Vietnam," Journal of Economic and Social Thought, KSP Journals, vol. 3(2), pages 265-284, June.

    More about this item

    Keywords

    Marxian Economics; Labour Values; Prices of Production; Theory of Exploitation;

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian

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