Value, Competition and Exploitation
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Value, Competition and Exploitation

Marx's Legacy Revisited

Jonathan F. Cogliano, Peter Flaschel, Reiner Franke, Nils Fröhlich and Roberto Veneziani

This book provides a comprehensive and rigorous, yet accessible, analysis of classical and Marxian price and value theory using the tools of contemporary economic analysis. The broad conceptual framework and methodology of Marx and the classical authors offers interesting and relevant perspectives on the basic structure and evolution of modern capitalist economies. Arguably, the book provides a deeper and more nuanced understanding of today's economic problems than can be gained via mainstream approaches.
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Chapter 8: The Sources of Aggregate Profitability: Marx’s Theory of Surplus Value Revisited

Jonathan F. Cogliano, Peter Flaschel, Reiner Franke, Nils Fröhlich and Roberto Veneziani


One of the key contributions of recent debates in value theory and in exploitation theory is the idea that there is no ‘transformation problem’ to be solved in Marx’s labor theory of value (LTV). Labor values are not meant to provide an explanation of classical production prices. In line with much of the recent literature, we have argued, however, that a coherent account of values and the labor content of goods can be provided that is able to inform the empirical and theoretical analysis of the basic laws of capitalism, of the exploitative nature of capitalist relations of production, and of the determinants of the key magnitudes of capitalist economies, especially from a macroeconomic perspective..

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