Marx´s theory of value and competition and Schumpeter´s errors

Abstract

This article argues that references to Marx´s theory made byneoclassical economists are often used as an occasion for ideological bashingand sometimes even result in grotesque misrepresentations of that theory. Schumpeter is one case in point. His critical interpretation of the “shortcomings”of the theory of value and competition, which is often viewed as a standardcritique, is in fact a repetition of neoclassical theory, on the one hand, and adistortion of Marx´s own thought on the other. The article concludes that it is upto marxists to make the work of developing and applying their own theory.However, they have to do it in a way so as not to deface Marx´s theory as hiscritics have persistently done.