A Reconsideration of Marx’s Labour Theory of Value from the Perspective of Democratic Firm Management Theory

(Pages: 49-60)

Bruno Jossa*

Department of Economics University of Naples, “Federico II” Italy

Abstract:

Marx‟s labour theory of value is untenable since no such extension is possible in a system of worker-run firms. In a few words, the issue can be summed up as follows: since long-term equilibrium prices in capitalism and a self-management system are seen to be the same, Marx‟s labour theory of value could only be rated as tenable if it held in a market economy where firms are run by the workers and employ neither labour power nor abstract labour.

Keywords:

Value, cooperative firms, abstract labour.