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Value theory is the foundation of economic theory. Marginal utility theory value is the dominant value theory. Arrow Debreu model, which is built on the utility theory of value, forms the mathematical foundation of general equilibrium theory. But Arrow Debreu model doesn’t describe economic...

We produce a definition and argument for explicitly adopting value subjectivism in entrepreneurship research. While the field has progressively shifted toward subjectivism over the past decades, we remain saddled with positivist baggage in our theories’ definitions of key variables, including...

The paper presents a guideline to discuss a collective strategy for dealing with the controversy on the transformation problem of values into prices. The main argument is that the individual search for solutions to the transformation problem creates a variety of models that weaken the Marxist...

Controversy has prevailed since the problem of "transforming" values into prices first emerged in the late 19th century. Progress has, regrettably, been hampered by attempts to "vindicate" Marx's work exactly, rather than treating him as a pioneer upon whom his successors must build, using the...

This article argues that to make progress in the theory of value and price we must incorporate in the debate of the transformation problem the methodological discussion about how Marxian economics relates to non-Marxian economics. Two alternative approaches to deal with that relationship are...

"This article is a response to two other articles in this symposium by Tiago Camarinha Lopes and David Laibman. The article focuses mainly on the important question that both Camarinha Lopes and Laibman address in their articles: what does the labor theory of value do that other theories cannot...

Western Marxist scholars take "immaterial labor," "audience labor" and "prosumer labor" as the core categories to explain the problem of the value creation and profit sources of digital capital in online production and consumption activities in the Web 2.0 era. By analyzing the production...

This article, by utilizing Ricardo's numerical examples, derives theoretical statements about the deviations of relative values (prices) from relative labor times. These deviations result from the presence of capital and the distributive variables (rate of profit and wage) and production...