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On recent reformulations of the labour theory of value

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  • Fabio petri

Abstract

The paper discusses three redefinitions of the labour theory of value: the New Interpretation of Duménil and Foley, the approach of Wolff-Callari-Roberts, and the Temporal Single System approach. In them the labour theory of value loses the role of instrument for the determination of the rate of profit and becomes a gratuitous reinterpretation of independently determined prices as ‘representing’ quantities of labour value on the basis of the undemonstrated postulate that only labour produces exchange value. It is argued that these approaches are unable to defend the thesis that profits result from labour exploitation because such a thesis must rest on the causes of wages below their potential maximum, causes that these redefinitions leave unexplained and in fact open to neoclassical explanations. They evidence an imperfect grasp of the foundations of the thesis in Marx that labour is exploited, foundations better grasped by P. Garegnani and clarified here with an example.

Suggested Citation

  • Fabio petri, 2012. "On recent reformulations of the labour theory of value," Department of Economics University of Siena 643, Department of Economics, University of Siena.
    • Handle: RePEc:usi:wpaper:643
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    File URL: http://repec.deps.unisi.it/quaderni/643.pdf
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    References listed on IDEAS

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    1. Garegnani, Pierangelo, 1979. "Notes on Consumption, Investment and Effective Demand: II," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 3(1), pages 63-82, March.
    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.
    3. Garegnani, Pierangelo, 1984. "Value and Distribution in the Classical Economists and Marx," Oxford Economic Papers, Oxford University Press, vol. 36(2), pages 291-325, June.
    4. Freeman, Alan, 1996. "The Psychopathology of Walrasian Marxism," MPRA Paper 1539, University Library of Munich, Germany.
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    Cited by:

    1. 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.
    2. 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.
    3. Matias Vernengo, 2022. "Oltre l'economia eterodossa volgare: una nota sull'eredita' di Pierangelo Garegnani (1930-2011) (Beyond vulgar heterodox economics: a note on the legacy of Pierangelo Garegnani (1930-2011))," Moneta e Credito, Economia civile, vol. 75(299), pages 339-351.

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    More about this item

    JEL classification:

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

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