MARXS THEORIES OF VALUE - RESPONSE

This paper considers the second theory of value which can be discerned in Capital. It contains the same elements as the usual theory-value a nd the form of value; concrete and abstract labour; labour-power and l abour, etc. But by combining them in a different order and replacing v alue magnitudes with physical quantities, it offers an account of surp lus value which is not susceptible to the familiar criticisms. The que stion of whether Marx intended this second theory is not discussed. Ho wever, it is argued that its consistency with Capital makes radical re formulations unnecessary. (C) 1995 Academic Press Limited