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Labor and Value

Edited by Cyril Levitt and Rod Hay

Rod Hay and Cyril Levitt

Labor and Value reexamines the history of the theories of labor and value from Aristotle to the present. It seeks to combine in a systematic way the leading theories of objective and subjective value. It breaks new ground in subjecting both theories to a radical historical and anthropological critique. Set within a newly conceived theory of the orders of nature, it finds the treatment of both theories problematic in that each treats its subject matter pars pro toto. Lawrence Krader identifies both conceptual and terminological confusion in the traditional discussion of labor and value by writers within the Marxist tradition. He also demonstrates the negative consequences of abandoning an objective foundation in value theory on the part of the Austrian School in spite of its important contribution on the side of subjective value. This book revisits and deepens the discussion on labor as it was developed by Aristotle, Hegel and Marx.