Labor Productivity and Marxist Theory of Labor Value

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World Review of Political Economy

Volume 11, Issue 3

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Labor Productivity and Marxist Theory of Labor Value

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Author(s): Alejandro Valle Baeza , Blanca Gloria Martínez González

Publication date (Print): 1 October 2020

Journal: World Review of Political Economy

Publisher: Pluto Journals

Keywords: labor productivity, labor value, international wages, real wages

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Abstract

This article proves that the productivity defined rigorously within the Marxist theory of value is what economists use most of the time. When analyzing the changes in productivity of a country or the relationship between real wages and productivity or comparing the levels of productivity between countries, labor productivity is used and not, for example, multifactor productivity. In all three previous cases what legitimizes the use of labor productivity is the Marxist theory of value. We will see in the present article that, if productivity is defined as the reciprocal of the value of a basket of merchandises, the mathematical expressions commonly used in applied economics are deduced to understand the variations and levels of productivity and the link between that variable and the real wage. Since most non-Marxist economists reject Marxian theory of value, we conclude that, nonetheless, they use it without knowing it.

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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 October 2020

Volume: 11

Issue: 3 ( doiID: 10.13169/worlrevipoliecon.11.issue-3 )

Pages: 377-387

Article

Publisher ID: worlrevipoliecon.11.3.0377

DOI: 10.13169/worlrevipoliecon.11.3.0377

SO-VID: 38c4f46b-5f14-4606-b397-e1db98960287

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lang eng

ScienceOpen disciplines: Political economics

Keywords: real wages,labor productivity,labor value,international wages

References

Baumol, W., S. Blackman, and E. Wolff. 1989. Productivity and American Leadership. Cambridge, MA: MIT Press.
Buchele, R., and J. Christiansen. 1999. “Labor Relations and Productivity Growth in Advanced Capitalist Economies.” Review of Radical Political Economics 31 (1): 87–110.
Gillman, J. 1956. The Falling Rate of Profit. London: Dennis Dobson.
Gouverneur, J. 2002. Comprender la economía [Understanding the Economy]. Louvain-la-Neuve: Diffusion Universitaire CIACO.
Laibman, D. 1999. “Productive and Unproductive Labor: A Comment.” Review of Radical Political Economics 31 (2): 61–73.
Marx, K. (1857–1858) 1973. Grundrisse der Kritik der Politischen Ökonomie [Grundrisse: Foundations of the Critique of Political Economy]. Berlin: Dietz Verlag.
Morishima, M. 1973. Marx's Economics: A Dual Theory of Value and Growth. London: Cambridge University Press.
Moseley, F. 1991. The Falling Rate of Profit in the Postwar United States Economy. London: Macmillan Press.
Seton, F. 1957. “The ‘Transformation Problem.'” The Review of Economic Studies 24 (3): 149–160.
Weisskopf, T., S. Bowles, and D. Gordon. 1983. “Hearts and Minds: A Social Model of U.S. Productivity Growth.” Brooking Papers on Economic Activity 14 (2): 381–450.

Comments

Comment on this article

[1] Baumol, W., S. Blackman, and E. Wolff. 1989. Productivity and American Leadership. Cambridge, MA: MIT Press.

[2] Buchele, R., and J. Christiansen. 1999. “Labor Relations and Productivity Growth in Advanced Capitalist Economies.” Review of Radical Political Economics 31 (1): 87–110.

[3] Gillman, J. 1956. The Falling Rate of Profit. London: Dennis Dobson.

[4] Gouverneur, J. 2002. Comprender la economía [Understanding the Economy]. Louvain-la-Neuve: Diffusion Universitaire CIACO.

[5] Laibman, D. 1999. “Productive and Unproductive Labor: A Comment.” Review of Radical Political Economics 31 (2): 61–73.

[6] Marx, K. (1857–1858) 1973. Grundrisse der Kritik der Politischen Ökonomie [Grundrisse: Foundations of the Critique of Political Economy]. Berlin: Dietz Verlag.

[7] Morishima, M. 1973. Marx's Economics: A Dual Theory of Value and Growth. London: Cambridge University Press.

[8] Moseley, F. 1991. The Falling Rate of Profit in the Postwar United States Economy. London: Macmillan Press.

[9] Seton, F. 1957. “The ‘Transformation Problem.'” The Review of Economic Studies 24 (3): 149–160.

[10] Weisskopf, T., S. Bowles, and D. Gordon. 1983. “Hearts and Minds: A Social Model of U.S. Productivity Growth.” Brooking Papers on Economic Activity 14 (2): 381–450.