A Monetary Labor Theory of Value

Datos Bibliográficos

ID23168221
AutoresRiccardo Bellofiore (0000-0003-2945-0104, Department of Economics, Istituto Universitario, 24100 Bergamo, Italy, autor de correspondencia)
Año1989
Volumen21
Número1-2
Páginas1-25
Fecha de publicación1989-03-01
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaReview of Radical Political Economics (JOURNAL)
Identificadores de la revistaISSN: 0486-6134 • E-ISSN: 1552-8502
EditorialSAGE Publications (PUBLISHER • US)
DOI10.1177/048661348902100103
OpenAlexW2029064039
IdiomaEN
Citas recibidas24
Referencias citadas29

A critical survey of the recent literature on the labor theory of value is offered, focusing upon the view of Marnian labor theory of value as a macroeconomic theory of exploitation within the money circuit of capita L The traditional and the 'new" solutions of the so-called transformation problem are rejected, and it is argued that the purely monetary reading of value and the revived clasical Marxist approach have mirror-like weaknesses. The paper claims that Rubin's insight - that in the end value is created in exchange but that the substance of value is latently present in production - can be pursued within a theory of money as a symbol. In this perspective the concept of exploitation as the extraction of surplus labor can be seen to be compatible with the concept of a non-commodity money. This reading of abstract labor theory of value argues that the quantitative aspect of Manes argument is relevant not for the setting of prices of production but rather for shedding light on the actual process of incessant change in the economic structure.

Commodity · Economics · Exchange value · Labor theory of value · Market economy · Marxist philosophy · Microeconomics · Neoclassical economics · Positive economics · Production (economics) · Reading (process) · Value (mathematics) · Value theory · Economic Theory and Institutions · Economic Theory and Policy · Law · Political Economy and Marxism