Magpie — Does Wray Accept the Labour Theory of Value?

Well, I don't know if things have changed for L. Randall Wray (professor of Economics at the University of Missouri-Kansas City, and Research Director of the Center for Full Employment and Price Stability, and Senior Scholar at the Levy Economics Institute of Bard College), but back in 1999 (my emphasis):

Magpie's Asymmetric Warfare

Does Wray Accept the Labour Theory of Value?
Magpie

I would say that Randy's position has not changed on this and it is one of the reasons for government using it's monopoly power over the currency to set a price anchor in terms of the money value of an hour of unskilled labor.

Sandwichman — The Creature from the DeLong Lagoon

Ouch. DeLong gets schooled on Marx.

Whatever one thinks of the labour theory of value, DeLong's claims about "Marx's 'fixation'" are so utterly groundless and fantastic as to make one suspect that perhaps Brad mistakenly thought his commentary was scheduled to be published on April 1st.

Econospeak
The Creature from the DeLong Lagoon
Sandwichman

George Stigler and the labor theory of value

Stigler got it all backwards.

George Stigler is a neoliberal ideologue and gets paid well for it.

Naked Keynesianism

George Stigler and the labor theory of valueMatias Vernengo | Associate Professor of Economics, University of Utah

Gavin Mendel-Gleason — Econophysics and Socialism: An Interview with Paul Cockshott

Paul Cockshott is a Scottish computer scientist and a reader at the University of Glasgow. His major areas of work includearray compilers, econophysics and thephysical foundations of computability.

He has written a number of books including Towards a New Socialism and more recently Classical Econophysics.

The North Star
Econophysics and Socialism: An Interview with Paul Cockshott

Gavin Mendel-Gleason

Andrew Lainton — James Mill’s Annuity Approach to Capital Theory – Why was it Forgotten?

For those interested in the history of economics. Not just about Mill.


Decisions, Decisions, Decisions
James Mill’s Annuity Approach to Capital Theory – Why was it Forgotten?

Andrew Lainton

Unlearning Economics — The Many Straw Men Surrounding Marx

Debunking some of the persistent myths about Marx and Marxism.

Every school of thought likes to claim that the other schools of thought misunderstand or misinterpret them, and hence that their criticisms miss the mark by attacking a 'straw man'. Sadly, it is often true that this is the case, and I am guilty of misinterpreting my opponents on many occasions. However, in my opinion, there is little contest for the most frequently misrepresented figure around: it has to be Karl Marx.

For many, Marxist theories should be laid to rest. His labour theory of value is often referred to as "discredited", superseded by the subjective theory of value, while historical materialism and its lofty ideals about changing human nature are held to be equally fallacious. His purported views on colonialism (and their Leninist children), while not entirely wrong, are held to be incomplete as they fail to include non-capitalist instances of these phenomena. Finally, his historical ideas about the 'inevitable' overthrow of class war and victory of socialism are seen as naive and deterministic, and, to a degree, ethnocentric.

However, as I will show, such crude caricatures have been around for over a century, and were often repudiated by Marx (and his collaborator, Friedrich Engels) themselves. In actuality, Marx's theories are generally coherent and illuminating, even if you disagree with them.

Peiria
The Many Straw Men Surrounding Marx
Unlearning Economics

Unlearning Economics — Reconsidering the Labour Theory of Value

Prediction: we are going to be hearing a lot about the LTV updated.

See Matias Vernengo, Sraffa and Marxism or the Labor Theory of Value, what is it good for? See also Peter Cooper, Melting Some Marx Into MMT and An Introduction to Marx's Theory of Value With Multiple Sectors

Unlearning Economics discusses the basic and debunks some myths. Good place to start and then consider contemporary understandings. Marx is getting back in the game.

Unlearning Economics
Reconsidering the Labour Theory of Value

Matias Vernengo — Garegnani on Sraffa, Ricardo and Marx

Note that Sraffa suggested that his solution, based on the standard commodity, could be interpreted as akin to Smith's labor commanded theory of value, and as such could (and I would say should) be seen as a logically coherent version of the labor theory of value (discussed in this previous post).

Naked Keynesianism
Garegnani on Sraffa, Ricardo and Marx
Matias Vernengo | Associate Professor of Economics, University of Utah

Sraffa as a bridge from classical economics including Marx to Post Keynesianism.

Steve Keen — Is Capitalism Inherently Unstable? (3)

But it does seem to decide the case in favour of the classicals for the real world: prices must be set by a mark-up on costs, rather than by the ‘twin blades’ supply and demand.

That’s the opinion I held, until a crucial step in generalising my model of Minsky’s Financial Instability Hypothesis implied that, at a macro level, the two models are identical. I’ll get on to that – and the role of prices in economic instability – in the next post in this series.

Steve Keen's Debtwatch

Is Capitalism Inherently Unstable? (3)

Steve Keen | Associate Professor of Economics & Finance at the University of Western Sydney

Bill McBride — Research: Loan-to-income guidelines could have "forestalled much of the housing boom"

From the paper: Intuitively, a loan-to-income constraint represents a more prudent lending criterion than a loan-to-value constraint because income, unlike asset value, is less subject to distortions from bubble-like movements in asset prices.

Calculated Risk
Research: Loan-to-income guidelines could have "forestalled much of the housing boom"
Bill McBride

Robert Vienneau — How To Attack Marx's Theory Of Value

Wonkish, but of interest to Marxians and Post Keynesians.

Vienneau concludes: My conclusion is that Marxist political economy should remain a live and exciting field of scholarly research.

Thoughts on Economics
How To Attack Marx's Theory Of Value
Robert Vienneau

Matias Vernengo — Sraffa and Marxism or the Labor Theory of Value, what is it good for?

For our purposes what matters is that the correct solution of the problem of the determination of the rate of profit independently of prices, provided by Sraffa, actually strengthens and is a development of the theories of Marx and the other authors of the surplus approach. Sraffa is the author that makes Marx's conclusions possible.

Read the post for the reasoning.

Naked Keynesian
Sraffa and Marxism or the Labor Theory of Value, what is it good for?
Matias Vernengo