[Marxism] 'What to do with the Labor Theory of Value'

Angelus Novus fuerdenkommunismus at yahoo.com
Sat May 11 10:44:13 MDT 2013

> It looks like it will take a full-blown generational paradigm shift to 
> even allow the TSSI to enter the debate. I'm sure this has been 
> discussed to death on here, but does anyone have any comments or 
> response to this?

FWIW,I think TSSI is stuck in the paradigm of a Ricardian (i.e. pre-monetary) interpretation of Marx's value theory, according to which Marx just takes over the "labor theory of value" of classical political economy and gives his own political spin.

Closer to the truth, IMHO, is the interpretation offered by the Soviet economist I.I. Rubin and subsequently picked up by German theorists like Hans-Georg Backhaus and Michael Heinrich, that Marx's value theory is distinct from that of classical political economy, because Marx is the first economic thinker to explicitly theorize the role played by money in a capitalist economy.

Given the enthusiastic reception to Michael Heinrich's Introduction to Capital, recently published by Monthly Review Press, this is an interpretation that seems to be picking up steam.

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