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The Demise of Marx’s Labour Theory of Value and the ‘New Interpretation’: A Recap Note

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  • Ernesto Screpanti

Abstract

Marx’s theory of labour value is flawed. This note summarizes the main reasons why this is so. At the same time, it claims that the theory of exploitation does not depend on a labour embodied valuation and can be expounded by resorting to the theory of production prices. Almost all Marxists have now accepted this truth. Most of them have been convinced by a ‘new interpretation’ which has been able to translate the price of net output into an amount of ‘living labour’ and the rate of exploitation into a ratio between unpaid and paid labour. What produced such a surprising result is the use of labour productivity as a numeraire

Suggested Citation

  • 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.
    • Handle: RePEc:usi:wpaper:708
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    References listed on IDEAS

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    1. 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.
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    Cited by:

    1. Alberto GABRIELE, 2016. "Lessons from Enterprise Reforms in China and Vietnam," Journal of Economic and Social Thought, KSP Journals, vol. 3(2), pages 265-284, June.

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    More about this item

    Keywords

    Marxian Economics; Labour Values; Prices of Production; Theory of Exploitation;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian

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