A Note on Habermas and the Labor Theory of Value

Abstract

Jtirgen Habermas' recent book contains a chapter in which he rejects labor theory of value.l Perhaps it is more correct to say that he revises theory, since he only rejects it in its outdated Marxist form. The base of Habermas' reasoning is a thesis found in much of thought emanating Frankfurt School. As a matter of convenience I shall refer to it simply as the containment By his insistence on a revision of Marxist conception of labor theory of value, Habermas pushes containment thesis to its most coherent and complete development. In his of Marx, Habermas goes beyond Marcuse's philosophical vision of Keynesian period of monopoly capitalism as one-dimensional society. By revising labor theory of value, Habermas gains a superior conceptualization of containment thesis. Although superior, it is nonetheless mistaken. The mistake, however, does not detract importance of attempt. For if containment thesis is valid, not merely at surface level of economic appearances, or as Marx says, from bourgeois point of view,'2 but also at deeper level of historical development, then it must be shown that and how contradiction between labor and value, which Marx identified as real barrier to capitalist production, is abrogated or effectively neutralized. This is what Habermas proposes to do, and outcome of his attempt, its clear failure, will contribute decisively, one hopes, to closing off another revisionist inroad, as well as giving impetus to attempt to recover and appreciate dialectical dimension in Marxism. The general equation of value and labor-time was an insight of classical political economy. Without being conscious of it, capitalism is practical application of this knowledge, i.e. art of appropriating wealth (value) through organization of laborers and exploitation of their labor-power. The specific manner of doing this, of exploitation, was analyzed by Marx in his critique of classical political economy. The secret lies in appropriation of surplus value or that portion of working day in which value is produced over and above what is necessary to maintain laborers at a given standard of existence. In this sense surplus value is equivalent to surplus labor-time. Capitalists try to increase it by altering forces of production in order to increase productivity. This cheapens goods necessary to maintain labor-force at a given standard of existence and thus increases that portion of working day that can be given over to production of surplus value. However, in cheapening value of goods produced, capitalists are at same time causing rate of profit sale of these goods to fall. While capitalists develop forces of production through creation of a higher