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The Misinterpretation of Marx's Theory of Value

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  • Keen, Steve

Abstract

The “technical” interpretation of Karl Marx's theory of value, which asserted that the concept of use-value played no role in his economics, has in recent years been shown to be ill-founded. In particular, R. Rosdolsky (1977) and S. Groll (1980) have established the importance that Marx attached to the concept of use-value in his theory of value, while I have shown that the use-value is an essential component of his analysis of the commodity, and that when properly applied, that analysis invalidates the labor theory of value (Keen 1993). This modern re-evaluation of Marx raises the question of how the traditional view developed in the first place. R. Hilferding aside, the answer does not paint a complimentary picture of the scholarship of either friend or foe of Marx in the debate over his theory of value.

Suggested Citation

  • Keen, Steve, 1993. "The Misinterpretation of Marx's Theory of Value," Journal of the History of Economic Thought, Cambridge University Press, vol. 15(2), pages 282-300, October.
    • Handle: RePEc:cup:jhisec:v:15:y:1993:i:02:p:282-300_00
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    References listed on IDEAS

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    1. Shalom Groll & Ze'ev B. Orzech, 1987. "Technical Progress and Values in Marx's Theory of the Decline in the Rate of Profit: An Exegetical Approach," History of Political Economy, Duke University Press, vol. 19(4), pages 591-613, Winter.
    2. Keen, Steve, 1993. "Use-Value, Exchange Value, and the Demise of Marx's Labor Theory of Value," Journal of the History of Economic Thought, Cambridge University Press, vol. 15(1), pages 107-121, April.
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    Cited by:

    1. Charles J. Whalen, 2016. "Post-Keynesian economics: a pluralistic alternative to conventional economics," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 7(1), pages 22-38.
    2. Cavalieri, Duccio, 2013. "Towards a revision of the theory of capital," MPRA Paper 47351, University Library of Munich, Germany.

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