Dissertation, Stanford University (1986)

The aim of the dissertation is to show that the logical foundations of the Marxian Theory of Value are reasonably sound. The first chapter presents a concise history of MTV and formulates in a detailed way the problem of foundations in MTV. This is the problem of proving the existence of labor-values in a general economy in which joint products, alternative techniques, and heterogeneous labor are allowed. ;In the second chapter the problem is tackled through the demonstration that there is a measurement of abstract labor in such general systems, where abstract labor is understood as a binary relation over the set of labor expenditures induced by a system of prices, in a commodity economy, that satisfies certain properties. It is also shown that whenever the rate of profit is uniform the price system satisfies such properties. ;Using the results of the second chapter, in the last chapter an axiomatization of MTV is provided and two of the most typical models of MTV are reconstructed in terms of abstract labor in a very detailed way. The first of these is the classical Leontief model and the second one is a more general model due to John K. Roemer. The conclusion of the dissertation is that the foundations of MTV are as sound as those of Neo-classical Economics
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DOI 10.1023/A:1005390814073
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