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The Extension of the Theory of the Substance of Value

In: The Basic Theory of Capitalism

Author

Listed:
  • Makoto Itoh

    (University of Tokyo)

Abstract

In treating the law of value and the capitalist production of surplus-value, we have assumed that each industry each produces a single product with simple labour. However, there have been fervent controversies over how to deal with skilled or complex labour, and with joint production, when defining the labour-substance of value. These problems have been focal issues in the debate on the feasibility of Marx’s labour theory of value between neo-classists, neo-Ricardians and Marxians, in addition to the related issue of the transformation problem discussed in Chapter 7. In my view these problems still need clarification, especially from the point of view of our discussion of the distinction between and relation between the forms and the substance of value. Reconsideration of these problems from such an angle would strengthen our understanding of the law of value and the working of the capitalist economy, and thus would also serve to make sounder our frame of reference for a possible socialist economy.

Suggested Citation

  • Makoto Itoh, 1988. "The Extension of the Theory of the Substance of Value," Palgrave Macmillan Books, in: The Basic Theory of Capitalism, chapter 6, pages 149-194, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-19107-9_6
    DOI: 10.1007/978-1-349-19107-9_6
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