A Reexamination of the Quantitative Issues in the New Interpretation

Abstract

This article evaluates the new interpretation (NI) of Marxian value theory consistent with its inherent logic. The problem of double counting will be examined thoroughly. The relationship between the NI's value of labor power and bundle of wage goods will also be discussed. While the NI generally emphasizes aggregate variables, this article will demonstrate that its inherent logic implies a specific quantitative relationship on the micro level between value and price.