The Marxian labour theory of value considers labour as the only substance of value. The generalized commodity exploitation theorem (GCET) purports to demonstrate that many other commodities can be substances of value. This note argues that the GCET is based on two conceptual aws: (a) failure to...

Attempts to use commodities to construct theories of value and use such value theory to claim that, in capitalism, commodities can be exploited, just like labour is, rest on two conceptual aws: (a) failure to distinguish between labour and labour-power; and (b) failure to distinguish...

It is frequently believed, in a quite schizophrenic fashion, that a theory of value must just solve the question of relative prices (a microeconomic problem), being mainly the theory of money the piece needed for determining the absolute or monetary level of prices (a macroeconomic problem). But...

Attempts to use commodities to construct theories of value and use such value theory to claim that, in capitalism, commodities can be exploited, just like labour is, rest on two conceptual aws: (a) failure to distinguish between labour and labour-power; and (b) failure to distinguish...

The Marxian labour theory of value considers labour as the only substance of value. The generalized commodity exploitation theorem (GCET) purports to demonstrate that many other commodities can be substances of value. This note argues that the GCET is based on two conceptual aws: (a) failure to...

Ronald Meek has (deliberately) ignored a very important discovery of Jevons. When labour is measured in terms of marginal labour values prices are proportional to these values and commodities exchange accordingly. This has been rediscovered by Soviet economists and that has been published in the...

This paper is the first part of a Marxian critique of the theory of the firm, focusing on the analysis of labour values. Starting from Adam Smith's example of the deer hunter marginal analysis is introduced, culminating in the derivation of the Labour Value Function as the supply curve of the...

Until recently, the name of Wolfgang Mühlpfordt (1872-1928) was certainly not among those a theoretical economist was expected to know. Mühlpfordt has now been rehabilitated not only in the Cambridge Journal of Economics (Howard and King: 1987 and Gilibert:1991), but also in the German...

This paper is the first part of a Marxian critique of the theory of the firm focusing on the analysis of labour values. Starting from Adam Smith's example of the deer hunter, marginal analysis is introduced culminating in the derivation of the Labour Value Function as the supply curve of the...

This paper uses the mode of production of the hunter-gatherers as a background to explain basic economic concepts, in particular the meaning of the labour theory of value and it's relationship to optimization of resources. A proof of the marginal value theorem is presented. A new term is...