value, price and profit...

Steve.Keen at Steve.Keen at
Sun Apr 30 19:57:15 MDT 1995

Scott Marshall recently stated:
Is there a serious challenge here to the notion that labor creates all
wealth? If not labor then what or whom.....?

There are numerous serious challenges. Leaving aside the conservative
economists, you might take a look at Ian Steedman's _Marx after Sraffa_,
Verso, 1977, to see the difficulties of a theory of economics,
production and exchange based on the assertion that labor is the
only source of value, and that value is the only source of profit.

I have also challenged the notion, but using Marx's own logic of
use-value and exchange-value. If you're interested, you can find
two papers by me on the subject in the Journal of the History
of Economic Thought, Vol. 15, Nos ! & 2, 1993. If that's not
accessible, I've placed the thesis from which they were derived
at the ftp site CSF.COLORADO.EDU in the directory

I have also placed a new, as yet unpublished, paper there, entitled
"A Marx for Post Keynesians".
Steve Keen

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