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Structure and Practice in the Labor Theory of Value

Author

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  • Herbert Gintis
  • Samuel Bowles

Abstract

The Marxian labor theory of value has been criticized in recent years by neoclassical and Sraffian economists as superfluous to the analysis of capitalist economies. It is argued in this paper the usual presentations and de fenses of the labor theory of value are indeed faulty, but the theory itself is never theless indispensable. We develop a defense of the labor theory of value based on the proposition that both labor and labor-power fail to reduce to generalized commodity relations.

Suggested Citation

  • Herbert Gintis & Samuel Bowles, 1981. "Structure and Practice in the Labor Theory of Value," Review of Radical Political Economics, Union for Radical Political Economics, vol. 12(4), pages 1-26, January.
    • Handle: RePEc:sae:reorpe:v:12:y:1981:i:4:p:1-26
    DOI: 10.1177/048661348101200401
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    References listed on IDEAS

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    1. Humphries, Jane, 1977. "Class Struggle and the Persistence of the Working-Class Family," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 1(3), pages 241-258, September.
    2. Himmelweit, Susan & Mohun, Simon, 1977. "Domestic Labour and Capital," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 1(1), pages 15-31, March.
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    Cited by:

    1. Yoshihara, Naoki, 2010. "Class and exploitation in general convex cone economies," Journal of Economic Behavior & Organization, Elsevier, vol. 75(2), pages 281-296, August.
    2. Takao Fujimoto & Yukihiko Fujita, 2008. "A Refutation Of The Commodity Exploitation Theorem," Metroeconomica, Wiley Blackwell, vol. 59(3), pages 530-540, July.
    3. repec:ums:papers:2014-010 is not listed on IDEAS
    4. Tadasu Matsuo, 2008. "Profit, Surplus Product, Exploitation And Less Than Maximized Utility: A New Equivalence Proposition On The Fundamental Marxian Theorem," Metroeconomica, Wiley Blackwell, vol. 59(2), pages 249-265, May.
    5. Veneziani, Roberto & Yoshihara, Naoki, 2014. "One Million Miles to Go: Taking the Axiomatic Road to Defining Exploitation," Discussion Paper Series 615, Institute of Economic Research, Hitotsubashi University.
    6. Roberto Veneziani & Luca Zamparelli & Naoki Yoshihara, 2017. "A Progress Report On Marxian Economic Theory: On The Controversies In Exploitation Theory Since Okishio (1963)," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1421-1448, December.
    7. Takao Fujimoto & Arrigo Opocher, 2010. "Commodity Content In A General Input–Output Model," Metroeconomica, Wiley Blackwell, vol. 61(3), pages 442-453, July.
    8. Yoshihara, Naoki & 吉原, 直毅 & ヨシハラ, ナオキ & Roberto Veneziani, 2011. "Exploitation of Labour and Exploitation of Commodities: A "New Interpretation"," Discussion Paper Series 556, Institute of Economic Research, Hitotsubashi University.
    9. Yoshihara, Naoki, 2014. "A Progressive Report on Marxian Economic Theory: On the Controversies in Exploitation Theory since Okishio (1963)," UMASS Amherst Economics Working Papers 2014-12, University of Massachusetts Amherst, Department of Economics.
    10. PARYS, Wilfried, 2018. "Labour values and energy values," Working Papers 2018006, University of Antwerp, Faculty of Business and Economics.
    11. Theodore Mariolis & George Soklis & Eugenia Zouvela, 2013. "Testing Böhm-Bawerk’s theory of capital: Some evidence from the Finnish economy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(2), pages 207-220, June.
    12. Howard Sherman, 2002. "Marxist Institutionalism," Review of Social Economy, Taylor & Francis Journals, vol. 60(4), pages 603-608.
    13. François Combarnous, 1994. "Discrimination et marché du travail : concepts et théories," Documents de travail 02, Groupe d'Economie du Développement de l'Université Montesquieu Bordeaux IV.
    14. Howard J. Sherman, 1990. "Cyclical Behavior of the Labor Share," Review of Radical Political Economics, Union for Radical Political Economics, vol. 22(2-3), pages 92-112, June.
    15. Gilbert L. Skillman, 2017. "Marx’s Capital through the lens of Roemer’s General Theory (and vice-versa)," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 49(3), pages 423-443, December.
    16. Spencer, David A, 2000. "The Demise of Radical Political Economics? An Essay on the Evolution of a Theory of Capitalist Production," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 24(5), pages 543-564, September.
    17. Adolfo Rodríguez Herrera, 2021. "Productive and unproductive labor: Marx´s positions on personal services," Working Papers 202103, Universidad de Costa Rica, revised Mar 2021.

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