Ormazabal Kepa M.
Kepa M. Ormazabal is Profesor Titular de Universidad at the Department of Economic Theory I, University of the Basque Country, Spain.
Kepa does research in Economics and Socioeconomics from a historical and philosophical perspective.
A NEW LOOK AT MARX’S REFUTATION OF RICARDO’S REFUTATION OF THE LABOR THEORY OF VALUE
THE TRANSFORMATION OF VALUE INTO COMPETITIVE PRICE: RESCUING
MARX’ VALUE THEORY FROM HISTORICAL MISINTERPRETATION
ABSTRACT : The central contention of this paper that the commentators of Marx’s “Transformation Problem” have failed to understand the nature of the problem with which Marx is dealing in “Capital”, volume III, chapter 9, which is to refute Ricardo’s refutation of the labor theory of value in “Principles”, chapter 1, section IV. The commentators of Marx, and especially his critics, have failed to understand the very terms in which Marx formulates the problem of “Transformation”, and, especially, the notion of “Warenwerte” (“commodity-value”) or, what is the same, the thesis that labor is the immanent measure of value. This fundamental Marxian thesis is totally absent in the commentaries on the “Transformation Problem”, which are thus fundamentally mistaken right from the start. In this paper, my aim is to contribute to recover the Marxian Theory of Value from its current misunderstanding and oblivion.