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The logical problems of this theory have, however, split scholars of Marx into two factions: those who regard it as an indivisible component of Marxism, and those who wish to continue the spirit of analysis begun by Marx without the labor theory of value.
- Steve Keen
- 1993
USE-VALUE, EXCHANGE VALUE, AND THE DEMISE OF MARX'S LABOR THEORY OF VALUE BY STEVE KEEN I. INTRODUCTION Karl Marx was the greatest champion of the labor theory of value. The logical problems of this theory have, however, split scholars of Marx into two factions: those who regard it as an indivisible compo-
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Use-Value, Exchange Value, and the Demise of Marx's Labor Theory of Value. March 1993. Journal of the History of Economic Thought 15 (01):107-121. DOI:...
However the quantity which Marx gave for the use-value of a machine was c—which is also its exchange-value. The identification of c as both the exchange-value and the use-value of the means of production was a feature of every numeric example given by Marx, in all of his economic works.
Use-Value, Exchange Value, and the Demise of Marx's Value Theory of Labor. Steve Keen. Journal of the History of Economic Thought, Vol. 15, Issue 1, 1993. Level: expert. Perspective: Marxian Political Economy. Topic: Criticism of Capitalism, Labour & Care, Reflection of Economics. Format:
- Journal Article & Book Chapter
- Marxian Political Economy
Use-Value, Exchange Value, and the Demise of Marx's Labor Theory of Value. Steve Keen ( debunking@gmail.com ) Journal of the History of Economic Thought, 1993, vol. 15, issue 1, 107-121. Abstract: Karl Marx was the greatest champion of the labor theory of value.
achievements of Marx's intellectual efforts in dealing with the economy of capitalism. This paper attempts to evaluate the consistency of the theoretical propositions inherent in these concepts. The main contention is that an internal criticism of Marx's theory of exchange and surplus value leads one to restate it in a different framework. This ...
