IDEAS home Printed from https://ideas.repec.org/p/col/000089/018364.html
   My bibliography  Save this paper

Towards a renewal of the Marxist Theory of Value. Recent debates

Author

Listed:
  • Samuel Jaramillo González

Abstract

This text is inscribed in the debates raised by the new and growing interest in the economic theses of Karl Marx and, especially, in his Labor Theory of Value. The notion that animates this text argues that the multiple objections that have been raised about it actually point to versions and formalizations that correspond more to Ricardo's elaborations. Marx considered that his own version on the theory of value was not only different, but much more advanced and rigorous than that of his predecessor. In this text it is proposed that the new explorations on the theory of value, very promising for a critical interpretation of capitalism, rely decisively on reinterpretations of Marx in which elements of his reflection that have been eliminated by later thinkers, both supporters and contradictors, are rescued, and are developed and adapted for present times. The text consists of a succinct reconstruction of the main milestones of the development of the Theory of Labor Value, interpreted from this perspective, which raises versions that are different to the most widespread ones. Thus the formulations of this theory elaborated by Smith, Ricardo and Marx are examined. From a current perspective, the questions raised around the debate on the Transformation of Values in Prices are analyzed mainly those developed by Bortkiewicz and later by Sraffa and the Neoricardian School. It includes also a reflection on the conceptions in this regard of the “ 20th-century Marxism”, dominant in the mainstream of Marxism during a long tima, which here is argued that they are de facto closer to Ricardo than Marx. Two contemporary neo-Marxist currents are examined, the "New Approach" and the "sequentialists" (of the Temporal Single System analysts) that are intended precisely to present new developments from reinterpretations of Marx's theses. The text ends with the presentation of some original pieces of analysis that have this same perspective, which are partially supported by neo-Marxist formulations, but also consist in reelaborations of different moments of this tradition. It points to contribute to the formulation of an Abstract Labor Theory of Value.

Suggested Citation

  • Samuel Jaramillo González, 2020. "Towards a renewal of the Marxist Theory of Value. Recent debates," Documentos CEDE 18364, Universidad de los Andes, Facultad de Economía, CEDE.
  • Handle: RePEc:col:000089:018364
    as

    Download full text from publisher

    File URL: https://repositorio.uniandes.edu.co/bitstream/handle/1992/45867/dcede2020-32.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Alan Freeman & Andrew Kliman & Julian Wells (ed.), 2004. "The New Value Controversy and the Foundations of Economics," Books, Edward Elgar Publishing, number 2274.
    2. 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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jonathan F. Cogliano, 2017. "Surplus Value Production and Realization in Marxian Theory - Applications to the U.S., 1987-2015," Working Paper Series 2017-01, Dickinson College, Department of Economics.
    2. Freeman, Alan, 2010. "Trends in Value Theory since 1881," MPRA Paper 48646, University Library of Munich, Germany, revised 04 Jan 2011.
    3. Andrea Ricci, 2016. "Metamorphoses of Value.The Concept of a Commodity in Marx’s Capital," Working Papers 1609, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2016.
    4. Freeman, Alan & Kliman, Andrew, 2005. "Beyond talking the talk: towards a critical pluralist practice," MPRA Paper 48644, University Library of Munich, Germany, revised 07 Nov 2006.
    5. Cavalieri, Duccio, 2013. "Towards a revision of the theory of capital," MPRA Paper 47351, University Library of Munich, Germany.
    6. Eckhard Hein, 2006. "Money, interest and capital accumulationin Karl Marx's economics: a monetary interpretation and some similaritiesto post-Keynesian approaches," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(1), pages 113-140.
    7. Alan Freeman, 1998. "A General Refutation of Okishio’s Theorem and a Proof of the Falling Rate of Profit," Palgrave Macmillan Books, in: Riccardo Bellofiore (ed.), Marxian Economics: A Reappraisal, chapter 10, pages 139-162, Palgrave Macmillan.
    8. Jonathan F Cogliano & Roberto Veneziani & Naoki Yoshihara, 2024. "The dynamics of international exploitation," Environment and Planning A, , vol. 56(5), pages 1420-1446, August.
    9. Naoki Yoshihara & Roberto Veneziani, 2009. "Exploitation as the Unequal Exchange of Labour: An Axiomatic Approach," Working Papers 655, Queen Mary University of London, School of Economics and Finance.
    10. Veneziani, Roberto & Yoshihara, Naoki, 2014. "One million miles to go: taking the axiomatic road to defining exploitation," UMASS Amherst Economics Working Papers 2014-10, University of Massachusetts Amherst, Department of Economics.
    11. Roberto Veneziani & Naoki Yoshihara, 2017. "Globalisation and inequality in a dynamic economy: an axiomatic analysis of unequal exchange," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 49(3), pages 445-468, December.
    12. Alban Pellegris, 2021. "La théorie marxienne de la valeur et l’économie écologique : en finir avec les malentendus," Working Papers hal-03171082, HAL.
    13. Roberto Veneziani & Luca Zamparelli & Naoki Yoshihara, 2017. "A Progress Report On Marxian Economic Theory: On The Controversies In Exploitation Theory Since Okishio (1963)," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1421-1448, December.
    14. Massimo Cingolani, 2015. "Sylos Labini su Marx: implicazioni per la politica economica (Sylos Labini on Marx: economic policy implications)," Moneta e Credito, Economia civile, vol. 68(269), pages 81-147.
    15. Freeman, Alan, 2009. "Marxism without Marx: a note towards a critique," MPRA Paper 48618, University Library of Munich, Germany, revised 17 Nov 2009.
    16. Naoki Yoshihara, 2021. "On the labor theory of value as the basis for the analysis of economic inequality in the capitalist economy," Japanese Economy, Taylor & Francis Journals, vol. 47(2-3), pages 190-212, July.
    17. Yoshihara, Naoki & Veneziani, Roberto, 2018. "The Theory Of Exploitation As The Unequal Exchange Of Labour," Economics and Philosophy, Cambridge University Press, vol. 34(3), pages 381-409, November.
    18. Jonathan F. Cogliano & Roberto Veneziani & Naoki Yoshihara, 2016. "The Dynamics of Exploitation and Class in Accumulation Economies," Metroeconomica, Wiley Blackwell, vol. 67(2), pages 242-290, May.
    19. Duque Garcia, Carlos Alberto, 2021. "Economic Growth and the Rate of Profit in Colombia 1967-2019: A VAR Time-Series Analysis," MPRA Paper 109890, University Library of Munich, Germany.
    20. Samuel Jaramillo González, 2013. "Abstract Labour Theory of Value and Theory of Price," Documentos CEDE 10735, Universidad de los Andes, Facultad de Economía, CEDE.

    More about this item

    Keywords

    Labor Theory of Value; Marxism; Marxist Economics.;
    All these keywords.

    JEL classification:

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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:col:000089:018364. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Universidad De Los Andes-Cede (email available below). General contact details of provider: https://edirc.repec.org/data/ceandco.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.