[Marxism] Fwd: Shaikh at Greenwich | Michael Roberts Blog

Louis Proyect lnp3 at panix.com
Thu Oct 13 06:39:01 MDT 2016

The foundation of my doubts rests with Shaikh’s attempt to reconcile the 
Marxist ‘critique of political economy’ (as Marx sub-titled Capital) 
with ‘political economy’ itself – in other words submerging Marx into 
the ‘classical tradition’ of Smith, Ricardo, Mill etc.  Yes, Marx was 
very appreciative of Smith and Ricardo’s objective insights into the 
nature of industrial capitalism.  But he had profound disagreements and 
criticisms of their labour theory of value, which failed to recognise 
the dual nature of commodity production – combining use value (output of 
things and services) and exchange value (pricing in the capitalist 
market).  That dual nature reveals: first, that it is labour (power) 
that creates value; and second, that profit is the result of the 
exploitation of labour.

full: https://thenextrecession.wordpress.com/2016/10/13/shaikh-at-greenwich/

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