Equal and Unequal Exchange in the Labor Theory of Value: Comments on Moseley

This article explores the analytics of the labor theory of value as presented by Moseley in this minisymposium. It presents a more general approach, which carefully distinguishes equivalent from nonequivalent exchange. It finds that Moseley’s results are (a) a special case of this more general approach, (b) independent of the methodology he proposes, and (c) characterized by some ambiguity as to the notions of equivalent and nonequivalent exchange and their role in the labor theory of value.