THE DUAL THEORY OF VALUE AND THE THEORY OF EXPLOITATION

Date

1992

Author

ÖZOL, Cengiz

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The paper proposes a model of production that separates the length of working time of workers from the length of unit time the capitals are tied-up to production. Based on this model, the competitive prices are explained as the transformed values of commodities. It is shown that the direction in which the relative price structure of commodities deviate from their values is systematically related to the direction in which the organic composition of capitals deviate from each other. This means that the competitive prices do not necessarily reflect the underlying technical rates of transformation. In the explanation of prices, it is shown that the profitability of capitals cannot be defined independent of the length of working time of the workers. In the light of these observations, the Fundamental Theorem of Marxian Economics is explained as the central proposition in the theory of exploitation.

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https://hdl.handle.net/11511/110597

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Department of Economics, Article