Value, Competition and Exploitation. Marx' Legacy Revisted

This book shows that Marx's Labor Theory of Value can be understood as integral part of the United Nations's System of National Accounts in the general form given to it by Nobel Laureate Richard Stone and his team in 1968. Stone's very general concept of 'total labor costs' indeed fulfills important Marxian propositions, as e.g. 'the law of falling labor content'. This measure of 'total labor costs' confirms Marx's theory of exploitation empirically without any need for 'value / price invariance principles' between 'essence' and 'appearance' (a weakness in Capital III) and also without any need for so-called 'prices of production', a purely hypothetical intermediate pricing system between value and  average market prices. No 'transformation problem' whatsoever has to be solved or even to be formulated, if Richard Stone's Approach is accepted. The UN's SNA of 1990 however, containing a stupidly revised measurement of labor Productivity, no longer provides Stone's  coherently defined measure as basis for the 'Analytical Marxian Economics' of the 1980's, ignoring the vulgar Marxist form that dominated the understanding of Marx' Capital and capitalism thereafter. 

A definition (here: labor values), in this case an accounting concept and is as such only valuable if empirically relevant propositions can be derived from it (as this book tries to demonstrate: 'Sraffa after Stone' if one likes to put it this way). Transforming a from nominal magnitudes derived accounting concept back into a price theory resembles 'the squaring of the circle', rightly put into  the mathematical museum by the educated mathematicians a long time ago  -- and in this case into the curiosity section of the reading room of the British Library.

This website provides a public domain (non-commercial) co-publication platform, first established in March 2015, the preliminary chapters of which have now appeared in finalized form as completed book at Edward Elgar Publishing in July 2018.   
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© Peter Flaschel