ABSTRACT

In Understanding Capital (Foley, 1986), Duncan Foley proposed a way of thinking about Marx's categories that developed the approach of his earlier article (Foley, 1982; see also Duménil, 1983; Mohun, 1994). Marx had built his analysis in Capital Volume 1 on the basis of the labour theory of value, which postulated that the price of each commodity pi was its labour value λ i divided by the value of the money commodity λ mc . For (the typical) commodity i at unit level, https://www.w3.org/1998/Math/MathML"> p i = λ i λ m c https://s3-euw1-ap-pe-df-pch-content-public-p.s3.eu-west-1.amazonaws.com/9780203109502/223ae875-3bf0-4e38-aa48-30ae9810888c/content/math130_B.tif" xmlns:xlink="https://www.w3.org/1999/xlink"/>