The labour theory of value has been a sort of Pandora’s box – a source of misunderstanding, fuss and fight between economic schools since the Classics. Indeed, in these days of ‘normal’ science it is a theme largely forgotten. Yet, it is an interesting one, because behind the epiphenomenon of what should be meant by it, one can envisage different (and indeed alternative) foundations of economic analysis. In this article we shall examine a case study that involves the interpretation given by different economists of Sraffa’s work, in particular in connection with the meaning and role of the Standard commodity. Does his tool (and more in general his analysis) imply the labour theory of value or not? Two groups of economists, that include school leaders such as Samuelson, Burmeister, Garegnani and Pasinetti give opposite answers. As Sraffa already made clear in his writings, there is a problem of language – the same words mean different things to different economists. We shall try to outline and investigate these differences and use them to draw more general considerations on the difference between production and exchange based paradigms.
At the Foundations of Economics: A look at the Pandora’s Box of the Labour Theory of Value
MARIUTTI, Gianpaolo
2007-01-01
Abstract
The labour theory of value has been a sort of Pandora’s box – a source of misunderstanding, fuss and fight between economic schools since the Classics. Indeed, in these days of ‘normal’ science it is a theme largely forgotten. Yet, it is an interesting one, because behind the epiphenomenon of what should be meant by it, one can envisage different (and indeed alternative) foundations of economic analysis. In this article we shall examine a case study that involves the interpretation given by different economists of Sraffa’s work, in particular in connection with the meaning and role of the Standard commodity. Does his tool (and more in general his analysis) imply the labour theory of value or not? Two groups of economists, that include school leaders such as Samuelson, Burmeister, Garegnani and Pasinetti give opposite answers. As Sraffa already made clear in his writings, there is a problem of language – the same words mean different things to different economists. We shall try to outline and investigate these differences and use them to draw more general considerations on the difference between production and exchange based paradigms.
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