Heterodox
The labour theory of value as presented in Part 1 of volume 1 of Capital is wrong for the following reasons: (1) the a priori argument for the labour theory of value in volume 1 of Marx’s Capital is a non sequitur and later contradicts itself, as detailed here and here.(2) Marx faces the problem of reducing all heterogeneous human labour to a homogeneous abstract socially necessary labour time unit, but does not properly explain how this happens;(3) even if Marx could overcome (1) and (2),...
Read More »