An Essay on Marxian Economics

By Joan Robinson | Go to book overview

APPENDIX
VALUE IN A SOCIALIST ECONOMY

While abandoning the view that prices correspond to values under capitalism, Marx believed that, under socialism, the labour theory of value would come into its own. "Only when production will be under the conscious and prearranged control of society, will society establish a direct relation between the quantity of social labour- time employed in the production of definite articles and the quantity of the demand of society for them. . . . The exchange, or sale, of commodities at their value is the rational way, the natural law of their equilibrium."1 Following an example to illustrate differential rent, in which to quarters of wheat, whose cost, excluding rent, is 240 shillings, are sold for 600 shillings, he writes: "If we imagine that the capitalistic form of society is abolished and society is organised as a conscious and systematic association, then those 10 quarters represent a quantity of independent labour, which is equal to that contained in 240 shillings. In that case society would not buy this product of the soil at two and a half times the labour contained in it. The basis of a class of land owners would thus be destroyed. This would have the same effect as a cheapening of the product to the same amount by foreign imports."2

"In the case of socialised production . . . the producers may eventually receive paper cheques, by means of which they withdraw from the social supply of means of consumption a share corresponding to their labour-time."3

"After the abolition of the capitalist mode of pro-

____________________
1
Vol. III, p. 221(53).
2
Vol. III, p. 773(54).
3
Vol. II, p. 412(55).

-23-

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An Essay on Marxian Economics
Table of contents

Table of contents

  • Books by Joan Robinson ii
  • Title Page iii
  • Foreword v
  • Contents ix
  • Chapter I - Introduction 1
  • Chapter II - Definitions 6
  • Chapter III - The Labour Theory of Value 10
  • Appendix - Value in a Socialist Economy 23
  • Chapter IV - The Long-Period Theory Of Employment 29
  • Chapter V - The Falling Rate of Profit 35
  • Chapter VI - Effective Demand 43
  • Chapter VII - The Orthodox Theory of Profit 52
  • Chapter VIII - The General Theory Of Employment 63
  • Chapter IX - Imperfect Competition 73
  • Chapter X - Real and Money Wages 82
  • Chapter XI - Dynamic Analysis 92
  • References to "Capital" 96
  • Index 103
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