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The Nature of Labor Exchange and the Theory of Capitalist Production

Author

Listed:
  • Herbert Gintis
  • Herbert Gintis

    (Dept. of Economics Thompson 908 University of Mass. Amherst, Mass. 01002)

Abstract
This article compares the neoclassical and Marxian theories of the firm. The neoclassical, interpreting the social relations in the production process, in particular the relations of authority and inequality, as flowing from the nature of technology and atomistic preferences, is shown to be incorrect. The Marxian theory which interprets the social relations of the production process as the outcome of class struggle, is supported theoretically and empirically. The Marxian analysis presented herein starts with the labor/ labor-power distinction, and derives the relations of authority, control, al forms of inequality in the capitalist firm from the dynamic of extraction of surplus value.

Suggested Citation

  • Herbert Gintis & Herbert Gintis, 1976. "The Nature of Labor Exchange and the Theory of Capitalist Production," Review of Radical Political Economics, Union for Radical Political Economics, vol. 8(2), pages 36-54, July.
    • Handle: RePEc:sae:reorpe:v:8:y:1976:i:2:p:36-54
    DOI: 10.1177/048661347600800203
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    References listed on IDEAS

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    1. Robin Marris & Adrian Wood (ed.), 1971. "The Corporate Economy," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-01110-0, October.
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    3. Lerner, Abba P, 1972. "The Economics and Politics of Consumer Sovereignty," American Economic Review, American Economic Association, vol. 62(2), pages 258-266, May.
    4. Kenneth J. Arrow, 1971. "The Firm in General Equilibrium Theory," Palgrave Macmillan Books, in: Robin Marris & Adrian Wood (ed.), The Corporate Economy, chapter 3, pages 68-110, Palgrave Macmillan.
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    7. Gintis, Herbert, 1971. "Education, Technology, and the Characteristics of Worker Productivity," American Economic Review, American Economic Association, vol. 61(2), pages 266-279, May.
    8. Gintis, Herbert, 1972. "Consumer Behavior and the Concept of Sovereignty: Explanations of Social Decay," American Economic Review, American Economic Association, vol. 62(2), pages 267-278, May.
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