What is wrong with the Labour Theory of Value? How value is really created

Polemic Paper , 2020 , 51 Pages

Politics - Topic: Globalization, Political Economics

This article is intended to introduce new ideas into the discussion of the Marxist Labour Theory of Value and of value theory as a whole. The author demonstrates that the classical interpretation of the Marxist theory of value is flawed because it describes an idealized concept of value. The author shows a way of comprehending value as a real social relationship. In so doing, he shows that the value is not only related to the products of human labour. The concept of value obtained in this way can be used for all goods and activities subject to exchange.

Inhaltsverzeichnis (Table of Contents)

• Costs, Surplus value and Value
• Unpaid labour time cannot be defined as a production factor
• Expected value and offer price
• Expected value
• Reference points for value relationships
• The market
• The value is established on the market
• The driving forces for value creation
• The social relationship value: characteristics
• The components of value
• Value is assigned to commodities and their value equivalents at the social level by means of value relationships
• The Social Relationships Value and Property
• Prerequisites for value relationships:
• The value and its reference points - how are the reference points are formed
• Comparison of human and mechanical labour power and the labour power Nature
• How reference points of value relationships are integrated into society
• Human and mechanical labour power and the labour power Nature
• The economic exchange
• Sources

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

The paper aims to challenge the traditional Labour Theory of Value and provide a comprehensive understanding of how value is created in a market economy. The author seeks to establish a value theory that aligns with contemporary economic realities and addresses the shortcomings of the classical interpretation.

• The nature and formation of value in a market economy
• The role of social relationships in value creation
• The limitations of the Labour Theory of Value in explaining contemporary value creation
• The importance of reference points and their formation in determining value relationships
• The distinction between human, mechanical, and natural labour power

Zusammenfassung der Kapitel (Chapter Summaries)

• Costs, Surplus value and Value: This chapter introduces the concept of value and distinguishes it from costs and surplus value. It examines how value is influenced by factors such as labor, capital, and resources.
• Unpaid labour time cannot be defined as a production factor: This chapter critiques the traditional Labour Theory of Value, arguing that unpaid labor time is not a direct determinant of value. It proposes an alternative understanding of value creation.
• Expected value and offer price: This chapter explores the relationship between expected value, offer price, and the dynamics of market exchange. It discusses how market forces influence price formation and value perception.
• Expected value: This chapter delves deeper into the concept of expected value, examining how it is influenced by factors such as supply, demand, and consumer preferences. It emphasizes the role of subjective expectations in value determination.
• Reference points for value relationships: This chapter focuses on the importance of reference points in establishing value relationships. It discusses the various factors that influence these reference points, such as historical context, cultural norms, and market trends.
• The market: This chapter explores the role of the market as a platform for value creation and exchange. It discusses how market dynamics shape value relationships and influence the distribution of goods and services.
• The value is established on the market: This chapter examines the process by which value is established on the market. It discusses the interplay of supply, demand, and competition in determining the price and value of goods and services.
• The driving forces for value creation: This chapter investigates the factors that drive value creation in a market economy. It highlights the role of innovation, entrepreneurship, and technological advancements in shaping value relationships.
• The social relationship value: characteristics: This chapter focuses on the social dimension of value, emphasizing that value is a social construct formed through the interactions of individuals and groups. It analyzes the characteristics of social relationships in value creation.
• The components of value: This chapter examines the various components that contribute to value creation. It explores how factors such as labor, capital, resources, and intellectual property contribute to the overall value of goods and services.
• Value is assigned to commodities and their value equivalents at the social level by means of value relationships: This chapter further explores the social dimension of value, arguing that value is assigned to commodities and their equivalents through social interactions and value relationships. It emphasizes the role of social norms, expectations, and trust in establishing value.
• The Social Relationships Value and Property: This chapter analyzes the relationship between social relationships, value, and property ownership. It discusses how property rights and legal frameworks influence value formation and distribution.
• Prerequisites for value relationships: This chapter examines the essential prerequisites for the establishment of value relationships. It focuses on factors such as trust, communication, and shared understanding among market participants.
• The value and its reference points - how are the reference points are formed: This chapter delves deeper into the process of reference point formation, highlighting how historical context, cultural norms, and market trends contribute to the development of reference points for value relationships.
• Comparison of human and mechanical labour power and the labour power Nature: This chapter compares the value of human, mechanical, and natural labor power. It examines how technological advancements and automation have impacted the relative value of different forms of labor.
• How reference points of value relationships are integrated into society: This chapter discusses how reference points for value relationships are integrated into social structures and how they influence individual and collective behavior.
• Human and mechanical labour power and the labour power Nature: This chapter further explores the relationship between human, mechanical, and natural labor power. It discusses how the changing nature of work and the rise of automation are shaping value relationships.
• The economic exchange: This chapter examines the economic exchange process, analyzing how value is exchanged in the marketplace. It focuses on the dynamics of supply, demand, and price formation.

Schlüsselwörter (Keywords)

The key concepts explored in the text include value, social relationships, market dynamics, reference points, labor power, property, economic exchange, and the Labour Theory of Value.

• Author: Rainer Lippert (Author)
• Publication Year: 2020
• Pages: 51
• Catalog Number: V933277
• ISBN (eBook): 9783346259820
• ISBN (Book): 9783346259837
• Language: English
• Tags: Value theory, Labour Theory of Value, Market economy