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Criticism of the labor theory of value: A new look at the old controversy
https://doi.org/10.32609/0042-8736-2023-1-123-131
Abstract
The article is devoted to the critique of K. Marx’s labor theory of value, which was started in 1884 by F. G. Wicksteed. This polemic is based on a misunderstanding of the scientific abstraction method and the dialectics of Marx. His opponents critisize Marx for not using the notion of “abstract utility”. It is shown why the exchange value of goods should be based on socially necessary labor costs. The subjective utility value is not suitable to determine the proportions of exchange.
Keywords
utility,
value,
labor theory of value,
theory of marginal utility,
scientific abstraction,
dialectical method
JEL: B100, B140, B410
About the Author
A. I. Kolganov
Lomonosov Moscow State University; Institute of Economics, Russian Academy of Sciences
Russian Federation
Russian Federation
Andrey I. Kolganov
Moscow
References
1. Batishchev G. S. (2015). Human activity essence as a philosophical principle. In: Z. K. Shaukenova (ed.). Selected works. Almaty: Institute of Philosophy, Political Science and Religious Studies, Science Committee, Ministry of Education and Science, Republic of Kazakhstan. (In Russian).
2. Kapeliushnikov R. I. (2021). Marginalism and Marxism: Тhe first encounter. Voprosy Еkonomiki, N o. 2 , p p. 102—132. (In Russian).. https://doi.org/10.32609/0042-8736-2021-2-102-132 Wicksteed P. H. (1884). “Das Kapital”: A сriticism. To-Day, Vol. 2, No. 4, pp. 388—409.
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For citations:
Kolganov A.I. Criticism of the labor theory of value: A new look at the old controversy. Voprosy Ekonomiki. 2023;(1):123-131. (In Russ.) https://doi.org/10.32609/0042-8736-2023-1-123-131
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