The Labour Theory of Value: A Marginal Analysis

Hagendorf, Klaus (2008): The Labour Theory of Value: A Marginal Analysis.

Abstract

The difficulties of the classical and Marxian labour theory of value are overcome when labour is measured in terms of marginal labour value. Marginal labour value is the inverse of the marginal productivity of labour. Relative prices are equal to the ratio of marginal labour values. This article presents the marginal approach to the labour theory of value.

• Item Type: MPRA Paper
• Language: English
• Keywords: Exploitation; Labour Theory of Value; Marginal Analysis; Marxism
• Subjects: D - Microeconomics > D0 - General; B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B51 - Socialist; Marxian; Sraffian; D - Microeconomics > D4 - Market Structure and Pricing > D46 - Value Theory; D - Microeconomics > D2 - Production and Organizations > D24 - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

References

Jevons, W. Stanley (1871) The Theory of Political Economy, 5th edition, New York: Augustus M. Kelley; 1965.

Pasinetti, Luigi L. (1977) Lectures on the Theory of Production, London and Basingstoke: Macmillan; 1977.

Schumpeter, Joseph A. (1943) Capitalism, Socialism and Democracy, London: Unwin University Books; 1943.