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Tag Archives: Marxist interpretations of the law of value

The Historical Development of Marxist Interpretations of the Law of Value

In essence, after Marx and Engels’ death Marxists held various positions, as follows: (1) The law of value in volume 3 of Capital Many Marxists followed volume 3 of Capital and gave up the view that commodity prices tend to equal pure labour values (which was the theory in volume 1). Instead, they defended the view of volume 3 that the “law of value” only ultimately and indirectly explains prices, and defended Marx’s three aggregate equalities: (1) the sum of surplus value = sum of...

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