If you are having trouble with the NLR website, please provide details here, and we will try to improve the site accordingly.
‘Value’ in Ricardo and Marx
The resistance of many Marxists towards assimilating the theoretical developments of the so-called ‘Cambridge School’, and particularly the theory of prices developed by Piero Sraffa,  Piero Sraffa, Production of Commodities by Means of Commodities, Cambridge 1963. may be explained by the fact that a certain confusion reigns between the meaning of the word ‘value’, as used by Marx in different parts of Capital, and as used by Ricardo in his Principles. Value has two basic meanings: (a) the quantity of labour directly or indirectly incorporated in a commodity; (b) the power a commodity has to be exchanged for other commodities, i.e. its ability to buy other commodities.
Subscribe for just £36 and get free access to the archive
Please login on the left to read more or buy the article for £3