Marx-Von Neumann’s Theory of Value

Part of the Lecture Notes in Economics and Mathematical Systems book series (LNE, volume 207)


The theory of value based on the system of value equations comes up against a crucial difficulty in a von Neumann economy, unless the additional conditions as discussed in the preceding chapter are fulfilled. To presuppose such conditions will, needless to say, circumscribe the validity of Marx’s theory of value,


Shadow Price Qualitative Aspect Fixed Capital Profit Rate Surplus Labour 
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  1. 1).
    Definition III-3 pertains to an arbitrary q, but the optimum value in this and the following chapters is restricted to that with respect to y = FLx.Google Scholar
  2. 2).
    The surplus value in Steedman’s counterexample is negative, but Okishio(7) confirmed that even in that counterexample surplus products are produced. Also see Cheok, A. et al.Google Scholar
  3. 3).
    This naming seems to have appeared first in Krause(2).Google Scholar
  4. 4).
    The original definitions of the rates of unpaid labour and surplus value by Morishima are slightly different from (5) and (6).Google Scholar
  5. Note that in a different context Morishima’s true value of good i will be of significance as an extension of employment multipliers, because it is unique.Google Scholar
  6. 5).
    Hollander (2) enumerated ten axioms and discussed the linearity of the measure of exploitation. The fundamental Marxian theorem, however, does not depend on the linearity of the valuations of goods.Google Scholar
  7. Optimum value is, although nonnegative, neither unique nor linear. It may well be denounced for its nonoperationality.Google Scholar

Copyright information

© Springer-Verlag Berlin Heidelberg 1982

Authors and Affiliations

  1. 1.Josai UniversitySakado,SaitamaJapan

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