Affiliation:
1. Lomonosov Moscow State University; Institute of Economics, Russian Academy of Sciences
Abstract
The article is devoted to the critique of K. Marx’s labor theory of value, which was started in 1884 by F. G. Wicksteed. This polemic is based on a misunderstanding of the scientific abstraction method and the dialectics of Marx. His opponents critisize Marx for not using the notion of “abstract utility”. It is shown why the exchange value of goods should be based on socially necessary labor costs. The subjective utility value is not suitable to determine the proportions of exchange.
Subject
Economics and Econometrics,Finance,General Economics, Econometrics and Finance,History
Reference2 articles.
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