Three Essays on Marx’s Value Theory

Three Essays on Marx’s Value Theory

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In this slim, insightful volume, noted economist Samir Amin returns to the core of Marxian economic thought: Marxa€™s theory of value. He begins with the same question that Marx, along with the classical economists, once pondered: how can every commodity, including labor power, sell at its value on the market and still produce a profit for owners of capital? While bourgeois economists attempted to answer this question according to the categories of capitalist society itself, Marx sought to peer through the surface phenomena of market transactions and develop his theory by examining the actual social relations they obscured. The debate over Marxa€™s conclusions continues to this day. Amin defends Marxa€™s theory of value against its critics and also tackles some of its trickier aspects. He examines the relationship between Marxa€™s abstract conceptsa€”such as a€œsocially necessary labor timea€a€”and how they are manifested in the capitalist marketplace as prices, wages, rents, and so on. He also explains how variations in price are affected by the development of a€œmonopoly- capitalism, a€ the abandonment of the gold standard, and the deepening of capitalism as a global system. Amin extends Marxa€™s theory and applies it to capitalisma€™s current trajectory in a way that is unencumbered by the weight of orthodoxy and unafraid of its own radical conclusions.Thus to compare the general productivity of social labor in two successive epochs of capitalist development (or, more broadly, historical epochs), like productivity comparisons between two systems (for example, two countries), involvesanbsp;...

Title:Three Essays on Marx’s Value Theory
Author: Samir Amin
Publisher:NYU Press - 2013-10-01

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