A Restatement of the Marxian Theory of Value
(1980) , 29 pages
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- Abstract
- This article presents an interpretation of the Marxian theory of value which deeply differs from the prevailing interpretation in which Ricardo's and Marx's theories are seen as identical. In my view, value is not linked to the mere embodiment of labor. Rather it refers to the process of validation of private labor. Thus the emphasis is put, not on a technological aspect - the difficulty of production - , but on the social form in which the production decisions are made and sanctioned. This leads me to argue that the Marxian theory of value should not be seen as a production theory but that the creation of value is rooted in the interdependence of production and circulation. In such a perspective, money receives a central place, Indeed, I defend the view that the theories of value and money must form a unique entity. They cannot be dissociated. The impact of these elements on the scope of relevance of the theory of value is examined. Particular attention is paid to the contradiction between two temporal orders, the diachronic and the synchronic, end its effects on value regulation. Finally, the article introduces the notion of loss of value to point out the effects either of failures in private initiatives or of obsolescence.
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De Vroey, M. (1980). A Restatement of the Marxian Theory of Value (Working Papers Institut des sciences économiques 8005). https://hdl.handle.net/2078.5/278824