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Value and exploitation: a comment

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  • Angelo Reati

Abstract

This paper comments on a recent paper by Ernesto Screpanti (2003), in this journal, on Marxian theories of value and exploitation. The paper argues, in opposition to Screpanti, that the labour theory of value is the most suitable foundation for a realistic and historically determined vision of society; that labour values provide a unique coherent conceptual framework for understanding the nature of profit; that the inconsistency of labour values is only apparent, as it disappears with a judicious choice of numeraire; and that prices of production explain much less than labour values and are therefore an inadequate substitute for the latter.

Suggested Citation

  • Angelo Reati, 2005. "Value and exploitation: a comment," Review of Political Economy, Taylor & Francis Journals, vol. 17(4), pages 609-617.
    • Handle: RePEc:taf:revpoe:v:17:y:2005:i:4:p:609-617
    DOI: 10.1080/09538250500255750
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    References listed on IDEAS

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    1. Cockshott, W Paul & Cottrell, Allin F, 1997. "Labour Time versus Alternative Value Bases: A Research Note," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 21(4), pages 545-549, July.
    2. Ernesto Screpanti, 2003. "Value and Exploitation: A counterfactual approach," Review of Political Economy, Taylor & Francis Journals, vol. 15(2), pages 155-171.
    3. Alan Freeman & Guglielmo Carchedi (ed.), 1996. "Marx and Non-equilibrium Economics," Books, Edward Elgar Publishing, number 737.
    4. Duncan K. Foley, 1982. "The Value of Money the Value of Labor Power and the Marxian Transformation Problem," Review of Radical Political Economics, Union for Radical Political Economics, vol. 14(2), pages 37-47, June.
    5. Lipietz, Alain, 1982. "The so-called "transformation problem" revisited," Journal of Economic Theory, Elsevier, vol. 26(1), pages 59-88, February.
    6. Reati, Angelo, 1986. "The Deviation of Prices from Labour Values: An Extension to the Non-competitive Case," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 10(1), pages 35-42, March.
    7. Hahn, Frank, 1982. "The Neo-Ricardians," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 6(4), pages 353-374, December.
    8. Hicks, John R, 1975. "The Scope and Status of Welfare Economics," Oxford Economic Papers, Oxford University Press, vol. 27(3), pages 307-326, November.
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