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On Some Modern Reformulations of the Labour Theory of Value

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  • Fabio Petri

Abstract

This paper, which develops an unfinished joint work with P. Garegnani, discusses three reinterpretations of the labour theory of value: the New Interpretation of Duménil and Foley, the approach of Wolff–Callari–Roberts, and the Temporal Single System approach. In all three, the labour theory of value loses the role of instrument for the determination of the rate of profit and relative prices, and is redefined as the reinterpretation of independently determined prices as ‘representing’ quantities of labour, on the basis of the postulate that only labour produces exchange value. The paper argues that these approaches reduce the labour theory of value to something with no implication on how the economy works, in particular, unable to defend the thesis that profits result from labour exploitation, because this thesis must rest on what causes wages to remain below their potential maximum, an issue that these reinterpretations leave unexplained and potentially open to neoclassical explanations. There emerges an imperfect grasp of the role of the labour theory of value in Marx, and of the foundations in Marx of the thesis that labour is exploited, foundations better grasped by P. Garegnani and clarified here with an example. A formal analysis of the ‘reduction’ of heterogeneous labour to homogeneity confirms the arbitrariness of these approaches.

Suggested Citation

  • Fabio Petri, 2015. "On Some Modern Reformulations of the Labour Theory of Value," Contributions to Political Economy, Cambridge Political Economy Society, vol. 34(1), pages 77-104.
    • Handle: RePEc:oup:copoec:v:34:y:2015:i:1:p:77-104.
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    File URL: http://hdl.handle.net/10.1093/cpe/bzv003
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    Cited by:

    1. Lefteris Tsoulfidis & Dimitris Paitaridis, 2017. "Monetary Expressions of Labour Time and Market Prices: Theory and Evidence from China, Japan and Korea," Review of Political Economy, Taylor & Francis Journals, vol. 29(1), pages 111-132, January.
    2. Petri, Fabio, 2021. "What Remains of the Cambridge Critique? On Professor Schefold's Theses," Centro Sraffa Working Papers CSWP50, Centro di Ricerche e Documentazione "Piero Sraffa".
    3. Santiago J. Gahn, 2021. "Book Review - A Source Book on Early Monetary Thought, Elgar Publishing Limited 2020, 336 pages. ISBN: 9781839109980. Edited by Edward W. Fuller," Bulletin of Political Economy, Bulletin of Political Economy, vol. 15(1), pages 109-113, June.
    4. Gabriel V. Montes‐Rojas, 2023. "A typology of Marxian transformation procedures with endogenous exploitation rate," Metroeconomica, Wiley Blackwell, vol. 74(1), pages 119-137, February.
    5. Alessandro Le Donne, 2022. "Quale Marx? A partire da una rilettura di Marx e gli economisti classici di Pierangelo Garegnani (Which Marx? A discussion from a re-reading of Marx and the classical economists by Pierangelo Garegnan," Moneta e Credito, Economia civile, vol. 75(299), pages 327-338.
    6. Petri, Fabio, 2024. "What remains valid of the first chapter of Marx’s Capital," Centro Sraffa Working Papers CSWP65, Centro di Ricerche e Documentazione "Piero Sraffa".
    7. Sergio Cesaratto, 2016. "The modern revival of the Classical surplus approach: implications for the analysis of growth and crises," Department of Economics University of Siena 735, Department of Economics, University of Siena.
    8. Andrea Ricci, 2016. "Metamorphoses of Value.The Concept of a Commodity in Marx’s Capital," Working Papers 1609, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2016.
    9. Miguel D. Ramirez, 2022. "Ricardo’s and Marx’s Conception of Absolute and Relative Value: A Critical Overview," Bulletin of Political Economy, Bulletin of Political Economy, vol. 16(2), pages 103-132, December.
    10. Enrico Sergio Levrero, 2017. "Towards a New Understanding of Sraffa," Review of Political Economy, Taylor & Francis Journals, vol. 29(2), pages 329-335, April.

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