The Value Theory of Labor Based on Marginalist Principles

Correa, Romar

doi:10.13169/worlrevipoliecon.10.1.0095

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World Review of Political Economy

Volume 10, Issue 1

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The Value Theory of Labor Based on Marginalist Principles

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Author(s): Romar Correa

Publication date (Print): 1 April 2019

Journal: World Review of Political Economy

Publisher: Pluto Journals

Keywords: value, money, banks

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Abstract

Our treatment of the theme is inspired by the formulation of Hiroshi Onishi. Professor Onishi establishes the labor theory of value by deriving a proportionality between labor power and output. We engage with the Professor's marginalist treatment and proceed to the dialectical approach to Marx's theory of value. Accordingly, money is an integral part of the subject.

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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: 95-102

Article

Publisher ID: worlrevipoliecon.10.1.0095

DOI: 10.13169/worlrevipoliecon.10.1.0095

SO-VID: 974c24d7-4379-4f39-9ba9-f2658415c7bf

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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/.

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lang eng

ScienceOpen disciplines: Political economics

Keywords: money,banks,value

References

Arthur, C. A. 2002. The New Dialectic and Marx's Capital. Leiden; Boston; Köln: Brill.
Elson, D. 1979. “The Value Theory of Labor.” In Value: The Representation of Labour in Capitalism, edited by D. Elson, 115-180. London: CSE Books.
Foster, J. B. 2018. “Marx's Open-Ended Critique.” Monthly Review 70 (1): 1-16.
Ho, T.-H. 2018. “The Institutionalist Theory of the Business Enterprise: Past, Present, and Future.” MPRA Paper, No. 84036, June.
Ingham, G. 2018a. “A Critique of Lawson's ‘Social Positioning and the Nature of Money’.” Cambridge Journal of Economics 42 (3): 837-850.
Ingham, G. 2018b. “Finance and Power.” New Left Review 109: 127-139.
Itoh, M. 1979. “Marx's Theory of Market Value.” In Value: The Representation of Labor in Capitalism, edited by D. Elson, 102-114. London: CSE Books.
Jäger, S., B. Schoefer, S. G. Young, and J. Zweimüller. 2018. “Wages and the Value of Nonemployment.” Working Paper, No. 25230, NBER, Cambridge, MA.
Onishi, H. 2019. “A Proof of Labor Theory of Value Based on Marginalist Principle.” World Review of Political Economy 10 (1): 85-94.
Onishi, H., and R. Kanae. 2015. “Piketty's r > g is Caused by Labor Exploitation: A Proof by Marxian Optimal Growth Theory.” Marxism 21 12 (3): 319-330.
Storm, S. 2018. “Financial Markets Have Taken Over the Economy: To Prevent Another Crisis, They Must Be Brought to Heel.” Commentary, Institute for New Economic Thinking, New York, February 13.
Wray, L. R. 2018. “Functional Finance: A Comparison of the Evolution of the Positions of Hyman Minsky and Abba Lerner.” Working Paper, No. 90, Levy Economics Institute of Bard College, New York.

Comments

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[1] Arthur, C. A. 2002. The New Dialectic and Marx's Capital. Leiden; Boston; Köln: Brill.

[2] Elson, D. 1979. “The Value Theory of Labor.” In Value: The Representation of Labour in Capitalism, edited by D. Elson, 115-180. London: CSE Books.

[3] Foster, J. B. 2018. “Marx's Open-Ended Critique.” Monthly Review 70 (1): 1-16.

[4] Ho, T.-H. 2018. “The Institutionalist Theory of the Business Enterprise: Past, Present, and Future.” MPRA Paper, No. 84036, June.

[5] Ingham, G. 2018a. “A Critique of Lawson's ‘Social Positioning and the Nature of Money’.” Cambridge Journal of Economics 42 (3): 837-850.

[6] Ingham, G. 2018b. “Finance and Power.” New Left Review 109: 127-139.

[7] Itoh, M. 1979. “Marx's Theory of Market Value.” In Value: The Representation of Labor in Capitalism, edited by D. Elson, 102-114. London: CSE Books.

[8] Jäger, S., B. Schoefer, S. G. Young, and J. Zweimüller. 2018. “Wages and the Value of Nonemployment.” Working Paper, No. 25230, NBER, Cambridge, MA.

[9] Onishi, H. 2019. “A Proof of Labor Theory of Value Based on Marginalist Principle.” World Review of Political Economy 10 (1): 85-94.

[10] Onishi, H., and R. Kanae. 2015. “Piketty's r > g is Caused by Labor Exploitation: A Proof by Marxian Optimal Growth Theory.” Marxism 21 12 (3): 319-330.

[11] Storm, S. 2018. “Financial Markets Have Taken Over the Economy: To Prevent Another Crisis, They Must Be Brought to Heel.” Commentary, Institute for New Economic Thinking, New York, February 13.

[12] Wray, L. R. 2018. “Functional Finance: A Comparison of the Evolution of the Positions of Hyman Minsky and Abba Lerner.” Working Paper, No. 90, Levy Economics Institute of Bard College, New York.