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Value and Exploitation: A counterfactual approach

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  • Ernesto Screpanti

Abstract

A deconstruction of the Marxian theories of value and exploitation is attempted by arguing, first, that the labour theory of value is logically and methodologically inconsistent as a basis for a theory of capitalist exploitation and, second, that it is founded on an ontology of the social being which is not plausibly justified. A counterfactual model economy is then built, called Utopia, in which the workers receive the whole net output while commodities exchange at labour values. This model is used as a benchmark to evaluate a capitalist economy where commodities exchange at production prices and workers are exploited. It is shown that the factor of exploitation can be expressed as a ratio between the labour commanded by, and the labour contained in, the net output, or between the value added produced in a capitalist economy and that produced in Utopia. The resulting theory of exploitation entails a weak ontology of the social being, expressing a worker's point of view.

Suggested Citation

  • Ernesto Screpanti, 2003. "Value and Exploitation: A counterfactual approach," Review of Political Economy, Taylor & Francis Journals, vol. 15(2), pages 155-171.
    • Handle: RePEc:taf:revpoe:v:15:y:2003:i:2:p:155-171
    DOI: 10.1080/0953825032000064869
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    Cited by:

    1. Freeman, Alan, 2002. "Marx After Marx After Sraffa," MPRA Paper 2619, University Library of Munich, Germany.
    2. Ernesto Screpanti, 2015. "Karl Marx on wage labour: From natural abstraction to formal subsumption," Department of Economics University of Siena 720, Department of Economics, University of Siena.
    3. Calbay, Arman, 2006. "Property Rights and Theory of Value," MPRA Paper 25827, University Library of Munich, Germany, revised 31 Jul 2009.
    4. Angelo Reati, 2005. "Value and exploitation: a comment," Review of Political Economy, Taylor & Francis Journals, vol. 17(4), pages 609-617.
    5. Ernesto Screpanti, 2015. "The Demise of Marx’s Labour Theory of Value and the ‘New Interpretation’: A Recap Note," Department of Economics University of Siena 708, Department of Economics, University of Siena.
    6. Andrew Kliman, 2006. "Screpanti versus Marx on exploitation: a comment," Review of Political Economy, Taylor & Francis Journals, vol. 18(2), pages 265-269.

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