ONTOCAST interview on the Theory of the General Law of Value

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(Portuguese subtitled version available on YouTube here).

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The nice people at the ONTOCAST podcast interviewed me about my theory of the general law of value. I was asked some great questions, including (i) what differentiates the general theory from Marx’s theory, (ii) the meaning of Marx’s volume 3 transformation procedure, (iii) the relations between Marx’s values and super-integrated values, (iv) the dynamics of the law of value, including the causal relations between values and prices, and finally (v) how the more general theory solves, or more accurately dissolves, one of the main problems of Marx’s theory of value. We also had time to discuss why most new interpretations of Marx are either misinterpretations or drop some of his key claims, and also reflect on the differences between Marxist and neoclassical theories of value and price formation. So a lot of ground was covered, and I hope others find it useful.

Supplementary material:

Wright, I. (2014). A category-mistake in the classical labour theory of value. Erasmus Journal for Philosophy and Economics, 7(1), 27-55. https://doi.org/10.23941/ejpe.v7i1.155

Wright, I. (2018) Marx’s transformation problem and Pasinetti’s vertically integrated subsystems. Cambridge Journal of Economics, Volume 43, Issue 1, January 2019, Pages 169–186 https://academic.oup.com/cje/advance-article/doi/10.1093/cje/bex068/5057684?guestAccessKey=a51b4b1a-eb0d-49ce-a1a2-eb93a228e899

Wright, I. (2017) The general theory of labour value. Workshop on Input-Output and Multisectoral Analysis: Theory and Applications OU, Milton Keynes https://ianwrightsite.files.wordpress.com/2017/04/general-theory-labour-value2.pdf (see accompanying video https://youtu.be/jROxFYv1bks)

Wright, I. (2016). The law of value : a contribution to the classical approach to economic analysis. PhD thesis The Open University. https://eastsidemarxism.files.wordpress.com/2017/04/wright-thesis-deposited.pdf

Wright. I. (2009) On nonstandard labour values, Marx’s transformation problem and Ricardo’s problem of an invariable measure of value. BOLETIM DE CIÊNCIAS ECONÓMICAS, VOLUME LII https://digitalis-dsp.uc.pt/bitstream/10316.2/24730/1/BoletimLII_Artigo4.pdf?ln=pt-pt