Law of Value and Theories of Value: Symmetrical Critique of Classical and Neoclassical Political Economy

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In Law of Value and Theories of Value, Tiago Camarinha Lopes presents the genesis of Karl Marx's understanding of the law of value by showing that the labor theory of value of utopian socialists and the utility theory of value of the Marginalist Revolution are subject to equal criticism by Marx's Critique of Political Economy.

Following Marx's distinction between classical and vulgar political economy, Camarinha explains the difference between a reactionary and a progressive strand in the world of non-Marxian economics. Commonly portrayed as a dated work targeting the general framework of economic thought of the 19th century, Das Kapital appears here as the blueprint for the ongoing construction of economic science of the working class in any period of History.

Author Bio

Tiago Camarinha Lopes is Professor of Economics at Universidade Federal de Goias, Brazil. His other publications on value theory include Reviving the Cambridge Controversy by Combining Marx with Sraffa and Technical or political The socialist economic calculation debate .