Of Marx's Theory of Exchange/Economic Value


“Karl Marx’s analysis of exchange value follows out the logic of Aristotle’s, and it is worked out on the basis of Aristotelian metaphysics.  Yet most of the common arguments usually regarded as fatal to it rest on principles of Humean metaphysics, so that it is fair to say that the case against Marx’s theory largely depends on a decision to favour Humean rather than Aristotelian metaphysics.  It cannot be claimed that the metaphysical underpinning of the neo-classical theory of value has been well done, or that the Aristotelian metaphysical underpinning of Marx’s theory has been adequately evaluated and criticized, yet in spite of all the unanswered questions, the flow of literature on the theory of economic value has almost dried up, and the topic is scarcely considered any longer.”

—Scott Meikle, Aristotle’s Economic Thought, 1995, 2002


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Comments (1)

  1. rallen2

    David Hume, 1711-1776, was a Scottish empiricist philosopher, historian, economist, and essayist.

    June 19, 2017