Law of Value and Theories of Value

Symmetrical Critique of Classical and Neoclassical Political Economy
Erscheinungsjahr 2022
ISBN: 978-90-04-50421-9
Verlag: Brill

Buch, Englisch, Band 213/15, 228 Seiten, Format (B × H): 155 mm x 235 mm, Gewicht: 521 g

Reihe: Studies in Critical Social Sciences / New Scholarship in Political Economy

In Law of Value and Theories of Value, Tiago Camarinha Lopes presents the genesis of Karl Marx’s understanding of the law of value by showing that the labor theory of value of utopian socialists and the utility theory of value of the Marginalist Revolution are equally hit by Marx’s Critique of Political Economy.

Following Marx’s distinction between classical and vulgar economy, Camarinha explains the difference between a reactionary and a progressive strand in the world of non-Marxian economics. Commonly portrayed as a dated work targeting the general framework of economic thought of the 19th century, Das Kapital appears here as the blueprint for the ongoing construction of economic science of the working class in any period of History.

Autoren/Hrsg.

Camarinha Lopes, Tiago

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Wirtschaftspolitik, politische Ökonomie
• Sozialwissenschaften Politikwissenschaft Politische Ideologien Marxismus, Kommunismus
• Sozialwissenschaften Politikwissenschaft Regierungspolitik Wirtschafts- und Finanzpolitik

Inhaltsverzeichnis

List of Figures

Acknowledgement

Introduction

Chapter 1. The independence of the science of value

Chapter 2. The law of value in Classical Political Economy

The law of value as the invisible hand

The law of value as exchange of equivalents

The law of value as contradiction between value and price

Chapter 3. The end of Classical Political Economy: value or price?

Chapter 4. Value: the naturalization of the labor theory of value in utopian socialism

Appropriation of Political Economy by the labor movement

The laborer’s theory of value of utopian socialists

The right to the full results of labor

The naturalization of the labor theory of value

Desideratum of utopian socialism: simple commodity production

Chapter 5. Price: the naturalization of the utility theory of value in the Marginalist Revolution

Seizure of Political Economy by capital

The consumer’s theory of value in Jevons, Menger and Walras

Output as relation between human and nature

The naturalization of the utility value theory

Desideratum of the Marginalist Revolution: simple commodity production

Chapter 6. Marx’s path to Political Economy

Chapter 7. The law of value in Marx’s Critique of Political Economy

Marx’s theory of the commodity

The law of value as unity of value and price

The law of value as lack of control over economic reproduction

The law of value as an objective phenomenon

Chapter 8. The law of value under the rule of capitalist economic planning

Capitalist economic planning

The aim of capital

Final Remarks

References

Index

Über Autor(innen)

Tiago Camarinha Lopes, Ph.D. (2015), Universidade Federal de Uberlândia, is Professor of Economics at Universidade Federal de Goiás, Brazil. His publications on value theory include Reviving the Cambridge Controversy by Combining Marx with Sraffa (World Review of Political Economy, 2013) and Technical or political? The socialist economic calculation debate (Cambridge Journal of Economics, 2021).