The labor theory of value has been rejected by Morishima on the grounds that it would be incompatible with joint production, which would create negative labor values. This article starts by recalling the various definitions of joint production, as well as the way they relate to the real world....

This paper tackles the puzzle of Ricardo’s stubborn commitment to a labor theory of value that he himself saw as no more than an approximation to reality and which was heavily opposed by Malthus, his most respected contemporary. We show it is wrong to think that the theory had no analytical...