Did Marx have a labour theory of value?


Paul Cockshott's Blog

It seems absurd that one has to answer this question.

It was so thoroughly answered by previous generations of economists in the affirmative[12], that it would seem unnecessary even to examine the issue. But David Harvey has recently posted a short article[6] claiming that Marx was an opponent of the labour theory

It is widely believed that Marx adapted the labour theory of value from Ricardo as a founding concept for his studies of capital accumulation.  Since the labour theory of value has been generally discredited, it is then often authoritatively stated that Marx s theories are worthless. But nowhere, in fact, did Marx declare his allegiance to the labour theory of value.  That theory belonged to Ricardo, who recognized that it was deeply problematic even as he insisted that the question of value was critical to the study of political economy.  On the few…

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