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' and also without any need for so-called 'prices of production', a purely hypothetical intermediate pricing system between value and  average market prices -- for which no 'transformation problem' whatsoever has to be solved or even to be formulated,
The UN's SNA of 1990 however, containing a stupidly revised measurement of labor productivity, no longer provides Stone's set of coherently defined measures as basis for the analytical form of 'Marxian Economics' of the 1980's, not  to mention the vulgar Marxist form that dominated the understanding of Marx' Capital and capitalism thereafter. A definition (Labor Value) is an accounting conceptand as such only valuable if empirically relevant propositions can be derived from it (as this book demonstrates). And transforming an accounting concept into a price theory of any kind resembles " the squaring of the circle" 
-- as this book intends to show to the reader in particular.
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.   
Druckversion Druckversion | Sitemap
© Peter Flaschel