Robert Brenner and Labour Theory of Value

[bailey_187]

I recall hearing somewhere that Robert Brenner rejects the LTV. Is this correct? From starting to read his Boom and the Bubble, i see no mention of the LTV.

If Brenner does reject it (or any other Marxists), how does he explain exploitation? Does he agree with the marginalist theory of price? :confused:

[BAM]

I don't think Brenner rejects it as such. What he does reject is the law of the tendential fall in the rate of profit. He dismisses Marx's theory in a footnote to one of his books, claiming that the "Okishio Theorem" refuted Marx's contention that technological innovation would cause the rate of profit to fall in capitalist production. For Okishio, increased productivity translates to increased profits.

Okishio's theorem has itself, however, been refuted by Andrew Kliman and others.