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Abstract Labour Theory of Value and Theory of Price

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  • Samuel Jaramillo González

Abstract

The renewal of Marx's interpretation of capitalist society implies the recovery and development of his Theory of Value. The stream of thought known as Abstract Labour Theory of Value, or New Interpretation, proposes to do this, and points out that value is a category that is formed in the interaction between production and circulation (and not just in production, as the Ricardian conception). The theory of value exceeds a theory of price, but requires this piece of analysis that for now is underdeveloped. This paper aims to contribute to the task of constructing a price theory compatible with the abstract labor theory of value, and approaches this task in a simple commodity economy scheme.

Suggested Citation

  • Samuel Jaramillo González, 2013. "Abstract Labour Theory of Value and Theory of Price," Documentos CEDE 10735, Universidad de los Andes, Facultad de Economía, CEDE.
    • Handle: RePEc:col:000089:010735
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    References listed on IDEAS

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    1. 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.
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    More about this item

    Keywords

    Labour Theory of Value; Marxist Economics; Price Theory; Abstract Labour Theory of Value; New approach;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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