Abstract
This paper uses critical realism to reflect upon the issue of theory in Marx's Labour Theory of Value (LTV). Like any theory, the LTV is rooted in a mode of theorisation. Rooting the LTV in an inappropriate ( deductivist) mode of theorisation encourages the formulation of ( quantitative) versions of the LTV that (a) have severe problems and (b) lack explanatory power. Conversely, rooting the LTV in an appropriate ( causal-explanatory) mode encourages the formulation of ( qualitative) versions of the LTV that (a) lack such problems and (b) have explanatory power.
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