A re(in)statement of the labour theory of value

This paper surveys and argues for an account of labor values and prices in the Marxian tradition that is not subject to the usual criticisms concerning their conceptual coherence and empirical relevance. This reformulation, first suggested (independently of each other) by G. Dumeenil and D. K. Foley, provides a powerful account that overturns almost a century of misconceived orthodoxy. In doing so, it enables a theoretically coherent account of the value of labor-power and an empirical account of the fundamental categories of capitalism.