Abstract
The aim of this chapter is to present a simple, non-mathematical statement of the labour theory of value, preparing the way for the discussion of exploitation in Chapter 4 and of capital accumulation in Chapter 5. The theory is presented as a quantification of economic relations in simple commodity production described in Chapter 2. Being, however, mainly intended for the analysis of capitalism, the labour theory of value cannot be fully stated until, in Chapter 4, its most crucial application to capitalist production relations is described.
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Further reading
Bühm-Bawerk, Eugen, Karl Marx and the Close of his System, ed. P. M. Sweezy (Merlin Press, London, 1949).
Rubin, I. I., Essays in Marx’s Theory of Value (Black & Red, Detroit, 1972).
Steedman, I. et al., The Value Controversy (Verso, London, 1981).
Steedman, I., Marx After Sraffa (NLB, London, 1977).
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© 1989 George Catephores
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Catephores, G. (1989). The labour theory of value. In: An Introduction to Marxist Economics. Palgrave, London. https://doi.org/10.1007/978-1-349-19707-1_3
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DOI: https://doi.org/10.1007/978-1-349-19707-1_3
Publisher Name: Palgrave, London
Print ISBN: 978-0-333-46102-0
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