General Value Theory

Author: Cai Jiming
Publisher:
Publish Date: 2001-09-01
Features: This book consists of an introduction, an upper part, and a lower part (comprising 16 chapters). The introduction first examines the historical evolution of the term "value," thereby linking the research starting point of this book to the logical starting point of value theory. Second, the introduction provides a brief evaluation of the three major value theories—labor value theory, neoclassical value theory, and Sraffian value theory—thereby forming the background description for the formation of the broad value theory. The upper part is the main body of the book, systematically elaborating on the fundamental principles and extensions of the broad value theory. The lower part offers a historical review of the background, process, and related debates surrounding the emergence of the broad value theory.
Innovations of the Book:
1. This book employs the concepts of comparative advantage and relative productivity to reveal the true origins of division of labor and exchange, as well as the principles of specialized division of labor, thereby establishing a completely new theory of division of labor.
2. Based on the principle of equal comparative advantage rates, this book constructs a generalized value model for an n-sector division of labor and exchange system, uncovering the fundamental principles of generalized value determination.
3. By using the concept of comparative productivity, this book resolves the long-standing theoretical of comparing different sectors and levels of productivity, clarifies many confusions in the issue of equivalent exchange, and particularly offers a novel explanation for the so-called "commodity" problem in industrial and agricultural product exchange. It points out that the relative income differences between urban and rural areas, between industry and agriculture, and between mental and manual labor in China are primarily determined by their differences in comparative productivity.
4. This book inherits the method of Sraffian value theory, starting not from abstract definitions of value or labor costs, but from concrete labor and use values. It integrates the determination of exchange value with the distribution of comparative advantage, thereby giving abstract value theory a practical form.
5. This book reveals the relationship between comparative productivity and the determination of the quantity of generalized value, thereby clarifying the role of various production factors in value determination.
6. This book discusses the relationship between the broad value theory and labor value theory, as well as neoclassical value theory and Sraffian value theory, pointing out that generalized value is the general law regulating commodity exchange, while labor value and production prices are special cases of generalized value.
7. This book provides a detailed analysis of the roles of capital and labor in the determination of generalized value, as well as the division of surplus value between capital and labor, thereby establishing a functional distribution theory based on the broad value theory. The book also analyzes the general and specific forms of capital and surplus value, laying the foundation for constructing the theory of income distribution in the primary stage of socialism.