Tag Archives: law of value

The Revista Nueva Realidad organised on 12-6-2021 a webinar. It theme was ‘Basics of Marxist Economics: Marx’s Law of Value’. Michael Roberts (economist), Abelardo Marina Flores (prof. of Economics, Autonomous Metropolitan University) and Stavros Mavroudeas (prof. of Political Economy, Panteion University) gave the seminar. My presentation follows below: [embedded content] View this document on Scribd The video recording of the webinar can be assesed via the...

In the introduction to volume 2 of Capital written on May 5, 1885, Engels made this famous challenge: “The Ricardian school failed about the year 1830, being unable to solve the riddle of surplus-value. And what was impossible for this school, remained still more insoluble for its successor, vulgar economy. The two points which caused its failure were these:1. Labor: is the measure of value. However, actual labor in its exchange with capital has a lower value than labor embodied in the...

I cannot stress enough how important this issue is for clarifying and refuting Marx’s economic theory. Though I have said much of what is below before, it bears repeating with some new observations.In essence, Marx published volume 1 of Capital in German in 1867, but only volume 1 of Capital was published in Marx’s lifetime. The other volumes were edited and published by Engels (for an extended discussion of this, see here). For some reason, Marx refused to publish volumes 2 and 3.In volume...