On the Pure Labour Theory of Value

The aim of this paper is to show that the ‘pure labour theory of value’, as price theory, does not hold even at zero rate of profits, unless a very strong and restrictive assumption is made, i.e., invariable methods of production used through time. It is maintained that the above assumption is equivalent, neither more nor less, to assuming a uniform ratio of labour to means of production all over the industries of the economy. We are here exclusively concerned with the labour theory of value as price theory. Therefore the Marxian theory of value as such will not be considered in the present paper. The aim and the significance of Marx’s theory should be assessed in the specific and much broad context of his scientific program.