The Demonstration of the Law of Value and the Uno—Sekine Approach

Abstract

Since the publication of Marx’s Capital, Volume III, controversies over the labour theory of value have, broadly speaking, taken place in two parts. One has dealt with the so-called transformation problem, and aims at a clarification of the proper manner in which production-prices may be derived from values. The other has concerned itself with the demonstration of the law of value as such. In this case the argument has centered on the manner in which the quantities of labour embodied in commodities regulate their prices. It has sought to determine the circumstances under which commodities can be exchanged at value, i.e., commodities which embody the same amount of labour may be exchanged at par for one another.