The Logical Foundations of the Marxian Theory of Value (Synthese Library)

Written before the impressive collapse of the socialist system in Eastern Europe, this book offers a quite objective and serious systematic analysis of the Marxian labor theory of value, Marx's main scientific legacy. After reconstructing the `prototype' of this theory -- which is the theory as it was left by Marx himself in Capital -- the author proceeds to a careful and detailed analysis of its foundational problems, taking into account Böhm-Bawerk's important criticisms. After introducing advanced contemporary formal tools, the author proceeds to a thorough discussion of the dialectical method, just in order to tackle the foundational problems of the theory. He provides a formally precise and well motivated definition of abstract labor, and then proceeds to prove the existence of a measurement of abstract labor -- i.e. the existence of numerical labor-values. Using this result, the author provides rigorous axiomatic foundations for the theory of value and then proves the existence of a Marxian competitive equilibrium, which is tantamount to the proof of the possibility of reproduction for a capitalist economy. The author finishes the book by showing in detail how the problems of the prototype are solved, by reconstructing the Leontief model of the labor theory of value on the new logical bases.
Written in a very clear style, in the language of contemporary philosophy of science, the book is of interest to philosophers of science and economists, applied logicians and all those interested in the scientific legacy of Karl Marx.