ABSTRACT
Communist economics are almost entirely a polemic defence of Marx's Capital, the system laid down by the master has accepted by his successors with a fierce intensity like that of the Puritan for the Bible or the Mahomedan for the Koran. For the Marxians themselves it has, quite naturally, superseded all other systems; to the critics, it is a mass of patent contradictions. The Marxian economic system built upon two definite foundations. On the one hand, it is amplification of that labour theory of value which, from its first beginnings in Locke, had become, in the hands of Adam Smith and Ricardo, the base of the classical economics, and, on the other, it is an argument that surplus values really due to labour-power stolen from the latter by the capitalist. This chapter discusses the Marxian theory of value and seek to account for the form it assumed.
