The aim of this article is to challenge the prevailing Marxist interpretation of what Marx called the “historical and moral component” of the value of labour-power, and to offer an alternative reading which is consistent with the foundations of the critique of political economy. In order to do so, the first part of the article develops a critique of the aforementioned Marxist view, on the basis of a reconstruction of its historical genesis, its support on textual evidence from Marx's works and its theoretical consistency with the foundations of the critique of political economy. Subsequently, the second part of the article undertakes a critical reconstruction of Marx's legacy on the determination of the value of labour-power and proposes a reconsideration of the meaning of its so-called “historical and moral” component.
Keywords:
Historical and moral element; Value of labour-power; Marxist debates; Marx's theory of wages