Did Marx Have a Labour Theory of Value?

Paul Cockshott

doi:10.13169/worlrevipoliecon.10.1.0069

Abstract

It has long been accepted that Marx was a follower of the labour theory of value. This position has recently been challenged by Harvey. This paper shows that the essential basis of Marx's value theory remained labour and that it did not differ substantially from that of Ricardo. It also references data showing the empirical validity of the theory and presents example data from the UK 1998 input output table showing how closely monetary output shadows labour content.

Highlights

Did Marx have a labour theory of value? It seems absurd that one has to answer this question
David Harvey (2018) has recently posted a short article claiming that Marx was an opponent of the labour theory, It is widely believed that Marx adapted the labour theory of value from Ricardo as a founding concept for his studies of capital accumulation
The meaning of scientific theories come down to the specific causal relations that they say exist in the world

Summary

Introduction

Did Marx have a labour theory of value? It seems absurd that one has to answer this question. Since the labour theory of value has been generally discredited, it is often authoritatively stated that Marx’s theories are worthless. The sophistication and elegance of the argument have seduced many of Marx’s followers to thinking this was the end of the story. If this was so much of the criticism launched against Marx’s theory of value would be justified. Ricardo’s hope was that the labour theory of value would provide a basis for understanding price formation It is this hope that subsequent analysis has so ruthlessly and properly crushed. Harvey claims that the labour theory of value is generally discredited. If the earth had been flat the angle of the sun would not have varied as you went north

Evidence

Content

Conclusion