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A Monetary Labor Theory of Value

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  • Riccardo Bellofiore

    (Department of Economics, Istituto Universitario, 24100 Bergamo, Italy)

Abstract

A critical survey of the recent literature on the labor theory of value is offered, focusing upon the view of Marnian labor theory of value as a macroeconomic theory of exploitation within the money circuit of capita L The traditional and the 'new" solutions of the so-called transformation problem are rejected, and it is argued that the purely monetary reading of value and the revived clasical Marxist approach have mirror-like weaknesses. The paper claims that Rubin's insight - that in the end value is created in exchange but that the substance of value is latently present in production - can be pursued within a theory of money as a symbol. In this perspective the concept of exploitation as the extraction of surplus labor can be seen to be compatible with the concept of a non-commodity money. This reading of abstract labor theory of value argues that the quantitative aspect of Manes argument is relevant not for the setting of prices of production but rather for shedding light on the actual process of incessant change in the economic structure.

Suggested Citation

  • Riccardo Bellofiore, 1989. "A Monetary Labor Theory of Value," Review of Radical Political Economics, Union for Radical Political Economics, vol. 21(1-2), pages 1-25, March.
    • Handle: RePEc:sae:reorpe:v:21:y:1989:i:1-2:p:1-25
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    Cited by:

    1. Bill Lucarelli, 2011. "The Economics of Financial Turbulence," Books, Edward Elgar Publishing, number 14252.
    2. Nenovsky, Nikolay, 2018. "Парите Като Координация На Стоковото Стопанство. Стари И Нови Прочити На Теорията На Маркс [Money as coordination, new and old readings of Marx]," MPRA Paper 85295, University Library of Munich, Germany.

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