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Marx and modern economic theory: A Reappraisal of the Labour Theory of Value
Enrique A. Bour, 2007.

In this paper ♦ we submit the main reasons why the Marxian labour-value theory has been discarded for a description of the workings of a capitalistic economy. At the same time, we outline the paradoxical rebirth of classical models of production and growth since the sixties. We base our presentation of the theory on the well-known Leontief input-output model. Afterwards we discuss some issues such as the concept of exploitation, the transformation problem of values into prices and the role of the demand.

We are indebted with several authors for extensive ideas and citations. K. Lancaster and M. Morishima should be mentioned in the first place, as well as others with inspiring ideas, in particular P. Samuelson.

Keywords: Leontief model, Marxian Economics, Labour-Value Theory, Value, Price. (JEL B1, C0).

Buenos Aires, July 2007.

Descargar archivo PDF de 292 KB.

♦ This text is to be used in the Magister in Law and Economics, School of Law and Social Sciences. I am indebted to very helpful comments by Osvaldo Baccino, even if I am responsible for any eventual error and/or misinterpretation in the document.

Last Updated ( Wednesday, 05 December 2007 )
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