ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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An Interesting Introduction

An Interesting Introduction Marxian Economic Theory by Meghnad ing, London, 1974; pp 157 + iv. add, has resulted from failure to do so. This is weJI said; but unfortunately the book does not fully elaborate this point, namely, the contrast between the classical and the Marxian theory of value Following Joan Robinson, exploitation is defined in neoclassical economics as the gap between wage and the marginal product of labour due to monopoly elements. The notion of exploitation in Marx does not depend upon such imperfections. While the workers are free in a double sense (free to sell labour power and free from the means of production), while equivalents are exchanged in the sphere of circulation, while all artificial barriers to competition have been torn down, yet exploitation takes place behind all this. Marx's value theory reveals this Hegelian contradiction.

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