Abstract

Although Marx's labor theory of value is widely considered to be central to his critique of political economy, both hostile and sympathetic critics have continuously challenged the theory. The well-known critiques of Eugen von Bôhm-Bawerk and John Roemer have been disputed by several authors working in the tradition of Marxist philosophy. A different type of counterargument, however, sticks as closely as possible to Böhm-Bawerk's and Roemer's own method. This immanent critique shows that they fail to refute the labor-value postulate even in their own terms. This immanent critique should be seen as supplementing, rather than replacing, existing counter-arguments.