The marxian theories of value and exploitation axiomatised

Abstract

The empirical claim made by the marxian theory of value may be made explicit by means of a set-theoretical axiomatisation. The axiomatised theory is seen to be testable, though to have a low degree of testability. The extent to which the theory of exploitation succeeds in revealing an exploitation which would otherwise be concealed is doubtful. The theory of value may be severely tested only by comparing its predictions, if any, with the facts.