Contemporary Marxist economists deny the utility and value theory underpinning classical economics
Contemporary Marxist economists do not reject the labor theory of value; rather, they continue to apply and defend it as a central analytical tool for modern empirical economics. Evidence from current research shows that Marxist value theory remains foundational for understanding contemporary labor productivity, surplus value, and class dynamics.
The claim asserts that contemporary Marxist economists deny the utility and value theory of classical economics. However, the retrieved papers explicitly show that modern Marxist economists actively use, defend, and apply the labor theory of value to empirical economic analysis, thereby directly refuting the claim.
Bill Dunn. Value Theory in an Incomplete Capitalist System. 2011. https://doi.org/10.1177/0486613411402641
Paper [1] demonstrates that contemporary Marxist theory relies heavily on a broad concept of value to understand capitalist production and labor.
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Alejandro Valle Baeza, Blanca Gloria Martínez González. Labor Productivity and Marxist Theory of Labor Value. 2020. https://doi.org/10.13169/worlrevipoliecon.11.3.0377
Paper [2] argues that contemporary economic applications of labor productivity actually validate the Marxist theory of value rather than rejecting it.
Miguel Viegas. Calculation of the Rate of Surplus Value of the Portuguese Economy: An Empirical Approach Based on the Marxist Labor Theory of Value. 2026. https://doi.org/10.1177/04866134261415648
Paper [3] applies Marx's labor theory of value empirically to the Portuguese economy, proving its continued utility in modern macroeconomic analysis.
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