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      World Review of Political Economy

      Volume 10, Issue 1
       
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      A Proof of Labor Theory of Value Based on Marginalist Principle

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            Abstract

            Because anti-Marxist's criticism against Fundamental Marxian Theorem (FMT) is based on an assertion that this proof can be understood as a “natural-resources exploitation,” if we assume, for example, “natural-resources theory of value,” we should prove not only exploitation but also labor theory of value itself. Therefore, this article aims to prove labor theory of value mathematically by focusing on the historically conditional proportionality between labor input and amounts of products which is assumed in labor theory of value. By this proof of the conditional proportionality, we show that marginalist principle does not disturb labor theory of value in capitalism at all. Furthermore, marginalist principle is important to show the labor process as a subjective optimization process which is not by the sun but only by human beings. In this way, we use anti-Marxist's marginal principle to object anti-Marxist criticism against labor theory of value.

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            Author and article information

            Journal
            Journal ID (doi): 10.2307/j50005553
            Journal ID (jcode): worlrevipoliecon
            Title: World Review of Political Economy
            Publisher: Pluto Journals
            ISSN: 2042-891X
            ISSN: 2042-8928
            Publication date (Print): 1 April 2019
            Volume: 10
            Issue: 1 ( doiID: 10.13169/worlrevipoliecon.10.issue-1 )
            Pages: 85-94
            Article
            Publisher ID: worlrevipoliecon.10.1.0085
            DOI: 10.13169/worlrevipoliecon.10.1.0085
            SO-VID: 21d9f2db-03ed-4dde-afa3-393bb5fcbac5
            Copyright © © 2019 World Association for Political Economy
            License:

            All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles published in the journal are distributed under a http://creativecommons.org/licenses/by/4.0/.

            History
            Custom metadata
            lang eng

            ScienceOpen disciplines: Political economics
            Keywords: constant return to labor,labor theory of value,marginalist principle,machine-based production system,Fundamental Marxian Theorem

            References

            1. Bai, B., and R. Bai. 2014a. Comparison between Various Value Theories. Vol. 3 of General Theory of Value and Price. Beijing: Economic Science Press.

            2. Bai, B., and R. Bai. 2014b. “The Unity between Labor Theory of Value and Marginal Utility Theory of Value.” In Value and Relative Price. Vol. 1 of General Theory of Value and Price, by B. Bai and R. Bai, 155-163. Beijing: Economic Science Press.

            3. Hagendorf, K. 2014. “The Labor Theory of Value: A Marginal Analysis.” World Review of Political Economy 5 (2): 231-257.

            4. Johansen, L. 1963. “Labor Theory of Value and Marginal Utilities.” Economics of Planning 3 (2): 89-103.

            5. Yoshihara, N. 2008. Introduction to Welfare Theory of Labor Exploitation. [In Japanese.] Tokyo: Iwanami Publishing.

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