Modern Labor Theory of Value

By Duan Wang

Marx's labor theory of value faces significant challenges today, not only from Western economists but also from modern economic practices in socialist countries like China. The orthodox view of the labor theory of value struggles to explain many observable realities, which makes it difficult for people to comprehend and accept. While many agree on its fundamental claims that argue the working class (or laborers) are unfairly treated in capitalist economies--lacking ownership of enterprises and not being adequately compensated according to their contributions to the value creation process--a claim without a solid theoretical foundation is hardly convincing. The "Modern Labor Theory of Value" presented in this book aims to refine Marx's original labor theory of value. This new theoretical framework offers plausible explanations for the numerous challenges and issues encountered by orthodox Marxist theory. The author also outlines a feasible path for the evolution of the socialist enterprise system while establishing a theoretical foundation for the practices of the socialist economy in its contemporary historical context. Moreover, this book clarifies various ambiguities in current theoretical debates and refutes certain influential yet misguided viewpoints.

• Format: Paperback
• Language: English
• ISBN: B0D7828K5H
• ISBN13: 9798328628211
• Release Date: June 2024
• Publisher: Independently published
• Length: 214 Pages
• Dimensions: 9.0" x 0.5" x 6.0"