Economics Department Working Paper Series
Working Paper Number
2020-07
Publication Date
2020
Abstract
The Marxian labour theory of value considers labour as the only substance of value. The generalized commodity exploitation theorem (GCET) purports to demonstrate that many other commodities can be substances of value. This note argues that the GCET is based on two conceptual flaws: (a) failure to distinguish labour and labour-power; and (b) failure to distinguish labour-power and other commodities. Once these flaws are corrected, it is easy to show that commodities cannot function as the substances of value. Only labour can be the substance of value.
DOI
https://doi.org/10.7275/18688663
License
UMass Amherst Open Access Policy
Recommended Citation
Basu, Deepankar, "Can Commodities be Substances of Value?" (2020). UMass Economics Working Papers. 290.
https://doi.org/10.7275/18688663