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Additional info for Modern Analysis of Value Theory
S. ==~ w => 0 m In fact, in view of Proposition I, one gets, w = L 0- ~ Om The core of this straightforward extension resides in the point that 0- ~O Hence, the class of von Neumann economies satisfying . I) 3 0 ~ 0 • may be considered. I. Pd. C. g.!. is often referred to, because the class of economies satisfying this presents an interesting angle to the argument of the value theory in the von Neumann economy case, and not because it is of importance. 52 § 2. Alternative definitions of value. The aim of this section is to introduce alternative definitions of value and investigate their equivalence.
I) Premultiply (10) by Lx i. e. C. C. D. As is seen from the above, Ml-value does not generally coindide with M2 -value in a von Neumann economy. The existence of M2 -value rests on the productiveness of the economy, but Ml-value is not related to it. C. C. S. is also satisfied, so that Ml-value is equal to M2 -value. l). This is the fourth point to be taken note of. Now, consider: DErINI7ION 2. (na4ginal valu£) The marginal value of a product is the amount of labour directly or indirectly necessary to increase a unit of its net product.
55 § 3. Profitability and reproducibility -- The fundamental Marxian theorem. 1. The ultimate purpose of capitalist production is the production of profit and its appropriation. The fundamental Marxian theorem that grasps surplus value as the source of profit has,been,challenged by Steedman as mentioned in the introduction to this chapter. First, let the rates of surplus value and surplus labour be formulated as before. Let, as usual, mx F 1 wage goods bundle, and make the following condition: The rate of surplus value can be defined as (14 ) )l (w) = 1- - 1 , wF if the amount of value created by a unit of labour is normalized as unity.