The paper identifies as the root of the recent controversy in the theory of capital David Ricardo's finding that competitive prices and costs of production depend not only on the methods of production employed, but also on the wage rate (or rate of profits) and change with it. A consequence of...

This paper critically analyses the strongly subjectivist approach to exploitation theory recently proposed by Matsuo ([7]), in the context of general convex economies with heterogeneous agents. It is proved that the Fundamental Marxian Theorem is not preserved in his subjectivist approach,...

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...

This paper critically analyses the strongly subjectivist approach to exploitation theory recently proposed by Matsuo ([7]), in the context of general convex economies with heterogeneous agents. It is proved that the Fundamental Marxian Theorem is not preserved in his subjectivist approach,...

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)....

This paper presents the microeconomic partial and general economic equilibrium analysis of monopoly power in terms of labour values. In the partial analysis it is shown that the monopolistic mark-ups above marginal cost do not constitute labour values but real bubbles of values which prevent the...

This paper presents a modern response to the problem imposed by Marx in Capital in 1867, “to lay bare the economic law of motion of modern society” and to provide a vision on how, on the basis of this law of motion the transformation of the capitalist mode of production to the socialist mode...

The classical labor theory of value generates two well-known antinomies: Ricardo's problem of an invariable measure of value and Marx's transformation problem. I show that both antinomies are generated by the same category-mistake of expecting a technical measure of labor cost to function as a...

This article presents the marginal approach to the labour theory of value. The difficulties of the classical and Marxian labour theory of value are overcome when labour value is understood as marginal labour value analogously to marginal cost. Marginal labour value is the reciprocal of the...

Socially necessary labour time is a key concept in Marxian economic theory. However it is hardly ever properly discussed. This article presents the English translation of a section of a textbook on political economy of socialism published in the former German Democratic Republic in 1974 by an...