Abstract
The purpose of this chapter is to provide an over-all assessment of Marx’s labour theory of value. The analysis begins by outlining the main elements of Marx’s labour theory of value and by defining its central concepts (section 1.1). Marx regarded these concepts as essential to understanding prices and profit in a capitalist society and it is for this reason that the problem arises of transforming values and surplus value into prices and profit. The precise nature of this problem will be outlined in section 1.2, along with Marx’s attempt to solve it (section 1.3), and the errors associated with that solution (section 1.4). The correct solution to the transformation problem will then be presented in section 1.5
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Author information
Authors and Affiliations
Copyright information
© 1987 Kieran McKeown
About this chapter
Cite this chapter
McKeown, K. (1987). Marx’s Labour Theory of Value. In: Marxist Political Economy and Marxist Urban Sociology. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-18567-2_1
Download citation
DOI: https://doi.org/10.1007/978-1-349-18567-2_1
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-18569-6
Online ISBN: 978-1-349-18567-2
eBook Packages: Palgrave Social & Cultural Studies CollectionSocial Sciences (R0)