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A Mathematical Approach to Marxian Value TheoryAn Axiomatic Approach and the New Interpretation

A Mathematical Approach to Marxian Value Theory: An Axiomatic Approach and the New Interpretation [This chapter deals with a recent interpretation of the Marxian theory of labor exploitation, entitled an “axiomatic approach” (AA). In particular, the relation between the New Interpretation (NI) and the AA is examined. It is shown that behind the sophisticated mathematical analysis of the approach lies the NI’s simple insight into Marxian value theory. The AA’s definition of “labor embodied” is similar to Keynes’s concept of “wage-unit,” which implies that the AA is premised upon more restricted assumptions than the NI. The NI is arguably superior to the AA in the sense that fewer assumptions and definitions are required to “prove” essentially the same results.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A Mathematical Approach to Marxian Value TheoryAn Axiomatic Approach and the New Interpretation

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References (1)

  • S Bowles (1981)

    1

    Review of Radical Political Economics, 12

Publisher
Springer International Publishing
Copyright
© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022
ISBN
978-3-031-07807-1
Pages
95 –105
DOI
10.1007/978-3-031-07808-8_5
Publisher site
See Chapter on Publisher Site

Abstract

[This chapter deals with a recent interpretation of the Marxian theory of labor exploitation, entitled an “axiomatic approach” (AA). In particular, the relation between the New Interpretation (NI) and the AA is examined. It is shown that behind the sophisticated mathematical analysis of the approach lies the NI’s simple insight into Marxian value theory. The AA’s definition of “labor embodied” is similar to Keynes’s concept of “wage-unit,” which implies that the AA is premised upon more restricted assumptions than the NI. The NI is arguably superior to the AA in the sense that fewer assumptions and definitions are required to “prove” essentially the same results.]

Published: Jul 21, 2022

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