After Marx, dissenting economics almost always used 'the labour theory' as a theory of value. This paper develops a modern treatment of the alternative labour theory of property that is essentially the property theoretic application of the juridical principle of responsibility: impute legal responsibility in accordance with who was in fact responsible. To understand descriptively how assets and liabilities are appropriated in normal production, a 'fundamental myth' needs to be cleared away, and then the market (...) mechanism of appropriation can be understood. On the normative side, neoclassical theory represents marginal productivity theory as showing that (a metaphorical version of) the imputation principle is satisfied ('people get what they produce') in competitive enterprises. Since that shows the moral commitment of neoclassical economics to the imputation principle, the labour theory of property is presented here as the actual non-metaphorical application of the imputation principle to property appropriation. The property-theoretic analysis at the firm level shows how the neoclassical (and much heterodox) analysis in terms of 'distributive shares' wholly misframed the basic questions. Finally, the paper shows how the imputation principle (modernised labour theory of property) is systematically violated in the present wage labour system of renting persons. The paper can be seen as taking up the recent challenge posed by Donald Katzner for a dialogue between neoclassical and heterodox microeconomics. (shrink)

This symposium paper for the APA analyzes Locke's labor theory of property acquisition as a formal argument – or set of alternative arguments – and shows how several of them are indeed sound, if appropriately limited by what amounts to a social welfare proviso. That proviso is, however, strong enough to limit the acquisition of private property in a significant way. The argument here anticipates fuller and more decisive ones in later work by the same author.

Murray Rothbard, in his The Ethics of Liberty, attempts to derive property ownership from the act of homesteading. Under this system, property is claimed through the act of mixing one’s labor with it. However, the theory of homesteading as a means for property rights formation is one that favors production over consumption and denies the subjectivity of value.

Much of the recent discussion in progressive circles [e.g., Stiglitz; Galbraith; Piketty] has focused the obscene mal-distribution of wealth and income as if that was "the" problem in our economic system. And the proposed redistributive reforms have all stuck to that framing of the question. To put the question in historical perspective, one might note that there was a similar, if not more extreme, mal-distribution of wealth, income, and political power in the Antebellum system of slavery. Yet, it should be (...) obvious to modern eyes that redistributions in favor of the slaves, while leaving the institution of owning workers intact, would not address the root of the problem. The system of slavery was eventually abolished in favor of the system we have today which differs in two important respects: the workers are only rented, hired, or employed ; and the rental relationship between employer and employee is voluntary. Today, the root of the problem is the whole institution for the voluntary renting of human beings, the employment system itself, not the terms of the contract or the accumulated consequences in the form of the mal-distribution of income and wealth. (shrink)

The point of departure of David Ellerman's paper is that the role of labour in economics can be looked at in a fundamentally different way than has typically been the case. The paper's purpose is, therefore, oppositional. However, it cannot simply be dismissed. It is clearly articulated, well reasoned, and most importantly, thought provoking. It requires one to rethink how one conceives some basic issues in economics. As such, one does not need to be entirely convinced by the argument to (...) consider it worthy of dissemination. At the same time, if one subscribes to the ethic of structured or critical pluralism one must also consider the pressure points of the argument (see Dow, 2004; Dobusch and Kapeller, 2012). Below, I briefly reconstruct Ellerman's core claims and provide some comment on that argument. Read David Ellerman's paper "The Labour Theory of Property and Marginal Productivity Theory". (shrink)

Jamie Morgan's commentary (Morgan, 2016) on my paper 'The Labour Theory of Property and Marginal Productivity Theory' (Ellerman, 2016) and Ted Burczak's later comments (Burczak, 2016) raise a number of issues that surely will occur to other readers and that need to be addressed. I take the occasion to expand upon the arguments and to explore some related issues. In the narrative that unfolds, Frank H. Knight plays the role of the sophisticated defender of the system of (...) renting, hiring and employing human beings. He was quite clear that the social role of economics is to develop an idealised model, the competitive free enterprise model, and then to frame the normative discussion in terms of that model. Knight would agree with the whole thread of heterodox 'criticism' that the actual economy falls far short of the ideal – which is why I largely eschewed the descriptive shortcomings of ideal model as a purported model of the actual economy. Instead my paper focused on developing a critique of the key part of the idealised model, the marginal productivity theory of distribution under competitive conditions. That critique is based on the usual juridical principle of imputing legal responsibility in accordance with factual responsibility – the principle whose property-theoretic application is the modern treatment of the labour theory of property. Historically, heterodox economics faced a fork in the road in the 19th century: whether to criticise 'the system' by developing the inchoate 'labour theory' as a theory of value or a theory of property. Marx and much of left-wing economics took the labour-theory-of-value road, whereas my paper is part of a modern attempt – Thomas Hodgskin (1832) being an earlier attempt – to take the labour-theory-of-property road. As we will see, much of the debate still revolves around these two roads. Read David Ellerman's original paper "The Labour Theory of Property and Marginal Productivity Theory" › Read Jamie Morgan's commentary on David Ellerman's paper ›. (shrink)

This chapter contains sections titled: The Moral Version of the Labor Theory of Value The Labor Theory of the Difference Principle Finding a Just Distribution Is the Difference Principle Biased? Answering Narveson and Cohen on Incentives.

Research Articles Adam Mossoff, Social Philosophy and Policy, FirstView Article.

It is traditional to ascribe to Locke the view that every person who acquires natural property rights by labouring on resources is obligated to leave sufficient resources for everyone else. But during the last several decades, a number of authors have contributed to a compelling textual case against this reading. Nevertheless, Locke clearly indicates that there is something wrong with distributions in which some suffer while others thrive. But if he does not endorse the traditional proviso, what exactly is (...) the problem? In this paper, I offer a solution to this puzzle. I argue that according to Locke, once people use their natural rights to acquire large properties, many individuals are unable to enjoy the material and moral wellbeing, or “preservation,” that is the end of natural law. For even if such large properties pose no problem for material preservation, they foster arbitrary power that offends against moral preservation. (shrink)

This book provides a detailed account of the role of property in German Idealism. It puts the concept of property in the center of the philosophical systems of Kant, Fichte, and Hegel and shows how property remains tied to their conceptions of freedom, right, and recognition. The book begins with a critical genealogy of the concept of property in modern legal philosophy, followed by a reconstruction of the theory of property in Kant's Doctrine of (...) Right, Fichte's Foundations of Natural Right, and Hegel's Jena Realphilosophie. By turning to the tradition of German Rechtsphilosophie, as opposed to the more standard libertarian and utilitarian frameworks of property, it explores the metaphysical, normative, political, and material questions that make property intelligible as a social relation. The book formulates a normative theory of property rooted in practical reason, mutual recognition, and social freedom. This relational theory of property, inspired by German Idealism, brings a fresh angle to contemporary property theory. Additionally, it provides crucial philosophical background to 19th century debates on private property, inequality, labor, socialism, capitalism, and the state. The Concept of Property in Kant, Fichte, and Hegel will appeal to scholars and advanced students interested in 19th Century German philosophy, social and political philosophy, philosophy of law, political theory, and political economy. (shrink)

While most of Political Theory’s 50th anniversary issue looks forward to imagining political theory in the future, the Book Review section looks backward to consider those books and schools of political theory not reviewed on the pages of the journal—but which went on to shape the field nonetheless. The aim of this section is not to constitute a new and newly virtuous canon, but rather to goad readers to reflect anew on knowledge production and the institutional and (...) circulatory practices that compose it, reaching from journal readers, to classrooms and conferences, and on to late night conversations and confabulations. (shrink)

Marxian Liberalism is a theory of justice that results from combining the liberal belief that people have a natural right to be free from unwanted coercion, with the Marxian belief that property is coercive. This combination implies that property must be consented to by all people who do or will exist-and thus such consent must be theoretical. Theoretical consent occurs in a Marxian-liberal original position among parties whose knowledge includes Marxian and liberal beliefs. The parties find it (...) rational to consent to a state that protects liberty, and to a system of property governed by the difference principle interpreted according to a moral version of the labor theory of value. (shrink)

I critically examine some deflationary theories of properties, according to which properties are ‘shadows of predicates’ and quantification over them serves a mere quasi-logical function. I start by considering Hofweber’s internalist theory, and pose a problem for his account of inexpressible properties. I then introduce a theory of properties that closely resembles Horwich’s minimalist theory of truth. This theory overcomes the problem of inexpressible properties, but its formulation presupposes the existence of various kinds of abstract objects. (...) I discuss some ways to reduce these existence assumptions, but ultimately suggest that deflationists can hardly avoid quantification over abstract objects of one sort or another. I conclude that property deflationism is perhaps not as deflationary as some philosophers want it to be, but that it’s still apt to call the position ‘deflationary’. (shrink)

From a pre-publication review by the late Austrian economist, Don Lavoie, of George Mason University: -/- "The book's radical re-interpretation of property and contract is, I think, among the most powerful critiques of mainstream economics ever developed. It undermines the neoclassical way of thinking about property by articulating a theory of inalienable rights, and constructs out of this perspective a "labor theory of property" which is as different from Marx's labor theory of (...) value as it is from neoclassicism. It traces roots of such ideas in some fascinating and largely forgotten strands of the history of economics. It draws attention to the question of "responsibility" which neoclassicism has utterly lost sight of. It is startlingly fresh in its overall approach, and unusually well written in its presentation. ... It constitutes a better case for its economic democracy viewpoint than anything else in the literature." . (shrink)

Pierre-Joseph Proudhon was a nineteenth-century French philosopher and socialist whose contributions played an integral role in anarchist and socialist thought. This book offers an in-depth analysis of Proudhon's political theories, including his ideas about property, labor relations, and the state. Through a close reading of primary sources, the author provides a nuanced and engaging account of Proudhon's contributions to political thought. This book is a valuable resource for scholars and anyone interested in the history of anarchist and socialist (...) thought. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant. (shrink)

In debates about the moral foundations of intellectual property, one very popular strand concerns the role of labor as a moral basis for intellectual property rights. This idea has a great deal of intuitive plausibility; but is there a way to make it philosophically precise? That is, does labor provide strong reasons to grant intellectual property rights to intellectual laborers? In this paper, I argue that the answer to that question is “yes”. I offer a (...) new view, different from existing labor theories of intellectual property, which I call the productive capacities view. This view gives us a way to make sense of the idea of labor as the basis for intellectual property rights, as well as a tool for critically evaluating existing intellectual property institutions. (shrink)

This paper is an evaluation of John Locke's labour theory of property. Section I sets out Locke's labour view. Section II addresses several possible objections, including against the conceptual coherence of Locke's argument, against the metaphysical implications of his view, as well as foundational criticisms of the moral significance of labour and of my relations with objects that are grounded in labour under certain conditions and circumstances. I attempt to address each of these criticisms in a Lockian spirit, (...) which will require strange metaphysical moves. The final Section raises further objections that are more significant because they cannot be squared with the labour view. (shrink)

The author presents the assumptions which form the bedrock of modern liberal property theories. It refers to the conceptions of John Christman, James O. Grunebaum, Lawrence Becker, Stephen R. Munzer and Jeremy Waldron. All these philosophers have devoted separate monographs to the problems of ownership and their works seem representative of the entire liberal current in contemporary political philosophy. This paper does not provide a detailed analysis of the authors’ views on property, but focuses on the elements that (...) these theories share. These are: the bundle theory of property rights; the priority of distributive justice over ownership; the belief that labour is not a property entitlement; the assumption about the separation of production and distribution; the belief in the redistributive role of the state. (shrink)

Justifying intellectual property on the basis of labour is an understandably popular strategy, but there is a tension in basing some intellectual property claims on labour that has gone largely unnoticed in treatments of the subject: many forms of innovation cause people to lose their jobs, which seriously hampers the ability of those who lose work to productively use their own labour. This article shows that even under Lockean and other labour‐based justifications of intellectual property rights those (...) who claim property rights to innovations of this type have special obligations to compensate those who lose work because of their inventions. By examining the problem that such innovations create, I hope to contribute to larger debates about automation and the job losses it often brings. Lockean and other labour‐based theories of intellectual property are generally taken to secure strong, noninstrumental rights to intellectual property if they are successful. So, if even these theories imply that those who profit from the innovations driving automation have special obligations to those left jobless by it, that is strong evidence that they do in fact have such obligations. (shrink)

Causal structuralism is the view that, for each natural, non-mathematical, non-Cambridge property, there is a causal profile that exhausts its individual essence. On this view, having a property’s causal profile is both necessary and sufficient for being that property. It is generally contrasted with the Humean or quidditistic view of properties, which states that having a property’s causal profile is neither necessary nor sufficient for being that property, and with the double-aspect view, which states that (...) causal profile is necessary but not sufficient. Shoemaker’s (1998) and Hawthorne’s (2001) arguments in favor of causal structuralism primarily focus on problematic consequences of the other two views. I argue, however, that causation does not provide an appropriate framework within which to characterize all physical properties for two main reasons. First, there are physical properties that do not have causal profiles and properties whose causal profiles do not exhaust their essences. Second, there is no unified notion of causation across the sciences. After distinguishing between the causal and the nomological, I suggest that what is needed is a structuralist view of properties that is not merely causal but that incorporates a physical property’s higher-order mathematical and nomological properties into its identity conditions. Such a view retains the naturalistic motivations for causal structuralism while avoiding the problems it faces. (shrink)

The essays in this book began as a contributions to a Summer Workshop arranged by the Calgary Institute for the Humanities, and haled at the University of Calgary from July 7 to 14, 1978. The Institute, which was founded by the University in 1976 for the encouragement of humanistic studies, has held such conferences each summer as a part of its programme of research.

This paper provides further evidence to the argument that Smith' theory of justice did not follow the natural justice school and that subsequently the ethical position on acquiring private property is not independent of the effects which such acquisition may have on the property-less individuals. I will show that the justification for private ownership is based on “reasonable expectations” which owners of assets have with regard to the fruits of the asset. The expectation to subsist through the (...) use of one's natural assets is equally reasonable. This is not to say that Smith believed that society should equally distribute income. But it does mean that the acquisition of private property must not interfere with the rights of individuals to subsist. Consequently, distribution is clearly an important part of Smith's conception of justice. (shrink)

John Locke's labor theory of property is one of the seminal ideas of political philosophy and served to establish its author's reputation as one of the leading social and political thinkers of all time. Through it Locke addressed many of his most pressing concerns, and earned a reputation as an outstanding spokesman for political individualism - a reputation that lingers widely despite some partial challenges that have been raised in recent years. In this major new study Matthew (...) Kramer offers an extensive critique of the labor theory and investigates the consequences of its downfall. With incisive analyses of the merits and failings of many aspects of Locke's political thought, Kramer advances a powerful challenge to Locke's image as an individualist. Employing a rigorously philosophical methodology, but remaining aware of the insights generated by historical approaches to Locke, Kramer concludes that Locke's political vision was in fact profoundly communitarian. (shrink)

In a series of recent writings, John Roemer has made a provocative claim: exploitation and class are merely second-order concepts within Marxian theory, because both phenomena derive directly from differential ownership of productive assets ; indeed, exploitation remains a consistent index of economic injustice only if a “property relations” conception of exploitation replaces the common “labor-value” view. In sum, property relations, not the labor exchange, the labor proces, labor values, or even capitalist accumlation (...) should bethecentral concern of Marxian theory. (shrink)

The paper aims to develop a resemblance theory of properties that technically improves on past versions. The theory is based on a comparative resemblance predicate. In combination with other resources, it solves the various technical problems besetting resemblance nominalism. The paper’s second main aim is to indicate that previously proposed resemblance theories that solve the technical problems, including the comparative theory, are nominalistically unacceptable and have controversial philosophical commitments.

This book represents a major new statement on the issue of property rights. It argues for the justification of some rights of private property while showing why unequal distributions of private property are indefensible. Three features of the book are especially salient: it offers a challenging new pluralist theory of justification; the argument integrates perceptive analyses of the great classical theorists Aristotle, Locke, Hegel and Marx with a discussion of contemporary philosophers such as Nozick and Rawls; (...) and the author moves with assurance among philosophy, law and economics to present a very broad, interdisciplinary study. (shrink)

Although John Locke’s theory of appropriation is undoubtedly influential, no one seems to agree about exactly what he was trying to say. It is unlikely that someone will write the interpretation that effectively ends the controversy. Instead of trying to find the one definitive interpretation of Locke’s property theory, this article attempts to identify the range of reasonable interpretations and extensions of Lockean property theory that exist in the contemporary literature with an emphasis on his (...) argument for unilateral appropriation. It goes through Locke’s argument point-by-point discussing the controversy over what he said and over what he perhaps should have said to make the most valuable and coherent argument. The result is an outline of Lockean theories of property: a menu of options by which one might use appropriation to justify property rights. Supporters only need to pick the version they find most plausible, but opponents should be aware of the entire menu. Anyone claiming to refute appropriation-based property rights must address not only one but all potentially valid versions of it. (shrink)

This is the only complete logic for properties, relations, and propositions (PRPS) that has been formulated to date. First, an intensional abstraction operation is adjoined to first-order quantifier logic, Then, a new algebraic semantic method is developed. The heuristic used is not that of possible worlds but rather that of PRPS taken at face value. Unlike the possible worlds approach to intensional logic, this approach yields a logic for intentional (psychological) matters, as well as modal matters. At the close of (...) the paper, the origin of incompleteness in logic is investigated. The culprit is found to be the predication relation, a relation on properties and relations that is expressed in natural language by the copula. (shrink)

This work exposes the development of Hegel’s political theory from its origins in Hegel’s reading of Sir James Stewart and the composition of the early theological writings, through the Philosophy of Right. Its principle value lies in showing how careful use may be made of Hegel’s earlier writings in interpreting his mature political philosophy. Avineri describes Hegel’s early dissatisfaction with the understanding of the state as an instrument for the protection of private property, and his attempts to develop (...) a concept of ethical community. Developments of the latter notion are seen in the anti-nationalism of The German Constitution, as well as in the theories of property, class, and representation contained therein. Avineri shows the inappropriateness of ascribing to Hegel a political romanticism, regarding either Prussia or Classical Greece. And in his comments on the System der Sittlicheit [[sic]] and the Realphilosophie, he offers detailed and valuable commentary on Hegel’s early concept of labor. He demonstrates here Hegel’s sensitivity to the complex economic reality of modern society, and shows the early Hegel’s ability to describe labor, class divisions, commodity production, money, and alienation in ways remarkably akin to Marx. Here too Hegel’s notion of the state as that which overcomes the private character of production in civil society and constitutes society as an ethical community is seen. (shrink)

Social Catholic criticisms of Frédéric Bastiat’s thinking, notably Charles Périn’s, clarify the link between the labour theory of value and the demands for social justice. Claiming that Bastiat’s theory of value rests on a sophism, Périn rejects his view that competition is the solution to the social question. Contrary to Bastiat, indeed, he accepts the labor theory of value and apparently makes it a standard of justice: according to him, rents sanction an injustice. Social Catholics, particularly (...) René de La Tour du Pin, follow in his tracks, insisting that a specific course must be taken so as to set right the injustice of rents — the course of what will be called furtherly ‘social justice’.Les critiques portées par les catholiques sociaux à la doctrine de Frédéric Bastiat, notamment celles de Charles Périn, permettent de comprendre le lien qui unit la théorie de la valeur travail et l’exigence de justice sociale. Périn affirme que la théorie de la valeur de Bastiat repose sur un sophisme et repousse donc sa réponse à la question sociale, la concurrence. Il a adopté en effet, au contraire de Bastiat, la théorie de la valeur travail et l’a érigée, semble-t-il, en critère de justice : la rente consacre, à ses yeux, une injustice. A sa suite, les catholiques sociaux, exemplairement, René de La tour du Pin, affirmeront qu’il faut mener une action spécifique pour corriger l’injustice de la rente et l’appelleront justice sociale. (shrink)

Cohen states in the last sentence of his book that his analysis in no way presupposes the controversial labor theory of value. For him, the contradictions of capitalist production result from the fact that its function is to create exchange value. The statements themselves and the fact that they come very late in the book illustrate two distinctive characteristics of the work. First, Cohen espouses what he calls a technological interpretation of Marx. For him, the driving force of (...) history is the steady increase in the capacity of productive forces. Capitalism supersedes feudalism because of its ability to produce more. This technological interpretation of Marx is a theory of history because only certain production relations allow for the development and expansion of productive forces. For example, the levels of production attained by capitalism would be unthinkable within the context of lord and serf. Secondly, it is not really clear that Cohen is defending a theory of history until he formulates the primacy thesis in chapter 6 and elaborates upon it and the rise of capitalism in chapter 7. The primacy thesis states that the production relations of society are explained by the level of development of its productive forces. Cohen seems to dispense with what is often thought of as the philosophy of history in his discussion of the Hegelian roots of Marxism in the first chapter. He proceeds to analyze the distinction between productive forces and production relations and its consequences for the phenomenon of fetishism in chapters 2-5. These first chapters, and some later ones as well, seem to have the property of belaboring at great length elementary problems raised by the preface to the Critique of Political Economy, and Capital as well. For example, in his distinction between productive forces and production relations, Cohen says that the two must not be confused because relations hold between objects while forces are properties of objects. He says that a soldier who guards peasants tilling the soil is not part of the labor power because he fulfills a social rather than an economic need. Then he presents and elaborates upon a list of production relations. Cohen might have avoided the need for such involved analysis if he had clearly delineated the methodological import of his work in the introduction or the first chapter. I refer to his theory of functional explanation. It is, however, only after he has discussed the problem of base and superstructure in chapter 8 that he comes to examine functional analysis in chapters 9 and 10. Since functional explanation is the crux of his defence of Marxism as a theory of history, the reader deserves a more thorough preparation for it in an introduction. (shrink)

This paper argues that what Aristotle has in mind as the criterion for estimating the value of products in Nicomachean Ethics V.5 is neither the Marxian concept of 'human labour' nor Polanyi's concept of 'status', but the benefit of a recipient, and maintains that Aristotle here does not analyse the mechanism of a market economy, but addresses the problem of how to build reciprocal relationships among citizens through the exchange of goods. Furthermore, unlike Nussbaum's capability approach, which draws attention to (...) the concept of well-being, the paper argues that the concept of reciprocity plays the key role in Aristotle's distributive theory of property in the Politics and lays the foundation for his understanding of political governance as the exchange of governing and being governed in turn. (shrink)

This article argues that teachers of environmental ethics must more aggressively entertain questions of private property in their work and in their teaching. To make this case, it first introduces the three primary positions on property: occupation arguments, labor theory of value arguments, and efficiency arguments. It then contextualizes these arguments in light of the contemporary U.S. wise-use movement, in an attempt to make sense of the concerns that motivate wise-use activists, and also to demonstrate how (...) intrinsic value arguments miss the mark. Finally, it offers some suggestions about further directions for environmental ethics, reasoning that there is a good deal of headway to be gained for environmental ethics by accepting that nature can be owned as property, but nevertheless engaging the idea of private property critically. (shrink)

:This paper explores the foundations of the theory of exploitation as the unequal exchange of labour. The key intuitions behind all of the main approaches to UEL exploitation are explicitly analysed as a series of formal axioms in a general economic environment. Then, a single domain condition calledLabour Exploitationis formulated, which summarizes the foundations of UEL exploitation theory, defines the basic domain of all UEL exploitation forms, and identifies the formal and theoretical framework for the analysis of the (...) appropriate definition of exploitation. (shrink)

In a letter to Engels (24 August 1867), Marx says that the best of his book (Capital) are (i) the “dual character of the labour embodied in commodities” and (ii) the surplus value theory. Marx's vindication of first point is the subject of the present article.1 We contend that the « dual character of the labour embodied in commodities » is a fundamental and specific property of a commodity society. Marx is right when he calls our attention to (...) it...... (shrink)