Marx's Legacy Revisited
Chapter 14: Conclusions
A scientific theory cannot confine itself to dealing with what is directly observable, to the exclusion of abstract theoretical concepts. The attempt to expunge theoretical concepts, such as labour-content, from economic theory, leaving only directly observable quantities, such as prices, is a manifestation of instrumentalism, an extreme form of empiricism, which is destructive of all science. Without the concept or labour-content, economic theory would be condemned to scratching the surface of phenomena, and would be unable to consider, let alone explain, certain basic tendencies of the capitalist mode of production (Farjoun and Machover 1983, 97).
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