Review - The Labor Theoy of Value of Karl Marx (Joseph)

Review - The Labor Theoy of Value of Karl Marx (Joseph) -...

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“To witness Böhm-Bawerk or Mr. [H. W. B.] Joseph carving up Marx is but a pedestrian pleasure; for these are but pedestrian writers, who are so pedestrian as to clutch at the plain meaning of words, not realising that what Marx really meant has no necessary connection with what Marx undeniably said. To witness Marx surrounded by his friends is, however, a joy of an entirely different order. For it is fairly clear that none of them really knows what Marx really meant; they are even in considerable doubt as to what he was talking about; there are hints that Marx himself did not know what he was doing.” - Gray, Sir Alexander, The Socialist Tradition: Moses to Stalin, pp. 321-22 In The Labor Theory of Value in Karl Marx, Joseph, who was a fellow and tutor of New College, Oxford, undertakes to show that the theory is fundamentally false and that the widespread acceptance of it among the laboring classes is doubly mischievous, because it makes “On the one hand, their justified resentment at the working of the economic order take the form of denouncing one definite allege injustice,” and on the other, “it exasperates those whom they attack by the injustice of the particular allegation” (p. 5). After presenting the theory of Marx, Joseph allocates the remainder of the book to (1) the inconsistency between the consequences of the theory and fact, (2) homogenous human labor, (3) the individual relativity of value, (4) the illusion of absolute values, and (5) some morals and a conclusion. In an intricate abstract discourse, Marx’s theory, which he borrowed from earlier English
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This note was uploaded on 11/20/2010 for the course ECON 530 taught by Professor Giertz during the Spring '10 term at University of Illinois, Urbana Champaign.

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Review - The Labor Theoy of Value of Karl Marx (Joseph) -...

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