The Marxist concept of value is very frequently equated, whether explicitly or merely tacitly, with the corresponding Ricardian concept of “labour expended”. This paper argues that unlike the Ricardian theory of value, the Marxist theory of value is a monetary theory. In the Marxist system, the value of a commodity
Karl Marx and the Classics
An Essay on Value, Crises and the Capitalist Mode of Production
by John Milios, Dimitri Dimoulis and George Economakis
Marx’s Critique of Political Economy constitutes not a “correction” of Classical Political Economy’s “mistakes” or “misunderstandings ”, but the formation of a new theoretical domain, shaping ...