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

MMBKG2 mmbkg2 at gmail.com
Sat May 11 18:49:57 MDT 2013

Can you explain to me:

a) why taking Marx's critique of political economy at face value is an outdated 'paradigm' to be 'stuck' in?
b) how Marx's critique of political economy as represented by the TSSI does not properly reconstruct his theory of money?
c) how Heinrich's approach does?

- xx

On May 11, 2013, at 11:00 AM, marxism-request at greenhouse.economics.utah.edu wrote:

> 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.

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