IDEAS home Printed from https://ideas.repec.org/a/nos/voprec/y2018id1516.html
   My bibliography  Save this article

Marx and the “law of value”: Critical appraisal on the occasion of his 200th birth anniversary

Author

Listed:
  • H. D. Kurz

Abstract

The paper celebrates Karl Marx’ 200th birthday in terms of a critical discussion of the “law of value” and the idea that “abstract labour”, and not any use value, is the common third of any two commodities that exchange for one another in a given proportion. It is argued that this view is difficult to sustain. It is also the source of the wretched and unnecessary “transformation problem”. Ironically, as Piero Sraffa has shown, prices of production and the general rate of profits are fully determined in terms of the same set of data from which Marx started his analysis.

Suggested Citation

  • H. D. Kurz, 2018. "Marx and the “law of value”: Critical appraisal on the occasion of his 200th birth anniversary," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 11.
    • Handle: RePEc:nos:voprec:y:2018:id:1516
    DOI: 10.32609/0042-8736-2018-11-27-49
    as

    Download full text from publisher

    File URL: https://www.vopreco.ru/jour/article/viewFile/1516/1518
    Download Restriction: no
    File URL: https://libkey.io/10.32609/0042-8736-2018-11-27-49?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nos:voprec:y:2018:id:1516. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: NEICON (email available below). General contact details of provider: https://www.vopreco.ru .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.