ABSTRACT
The labour theory of value provides the particular language and set of concepts in which Marxist doctrines are expounded. It is also a shibboleth; to 'be a Marxist', it is necessary to 'believe in' labour value. Marxists frequently suggest that it provides a theory of prices, but we all know that the prices of commodities cannot be proportional to their values when there are different capital-to-labour ratios in different lines of production. The great advantage of this concept is that it enabled Marx to think quantitatively without being hung up, as Ricardo had been, over the problem of measurement. Along with broad historical and political argument, there are a number of economic 'models' in Capital, set out in terms of values. The theories that Marx put forward in terms of value are the indispensable basis for a treatment of the economics of capitalism, which the orthodox school fails to provide.
