Value and the Real Cost of Production. A Re-Appraisal of the Problem, after the "New Value Controversy"
Journal title STUDI ECONOMICI
Author/s Duccio Cavalieri
Publishing Year 2011 Issue 2010/102
Language Italian Pages 23 P. File size 694 KB
DOI 10.3280/STE2010-102001
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Has the Marxian concept of economic value an objective foundation? In the light of the "New Value Controversy" which opposed neo-Marxist and Sraffian theorists, the author of this essay, a critical Marxist, reconsiders Marx’s labour theory of value. Attention is paid to the Marxian analysis of capital, value and surplus value. The truthfulness of the crucial but unproven Marxian assumption of equality of new value and living labour is questioned. A matrix model describing the productive structure of a capitalist system is used for this purpose. Marx’s labour theory of value is then examined in relation to the theories of capital and investment, which deal with value in process. Some recent suggestions to improve the reckoning of real costs of production are analysed. A draft of a labour-and-capital theory of value is outlined. And as a measure of value a "monetary expression of value" (MEV) is proposed, instead of the "monetary expression of labour time" (MELT).
Keywords: Marx, Value, Labour, Capital, Real cost, MELT
Jel codes: B14, B24, E11
Duccio Cavalieri, Valore e costo reale di produzione. Un riesame del problema, dopo la "New Value Controversy" in "STUDI ECONOMICI " 102/2010, pp , DOI: 10.3280/STE2010-102001