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The foundation of my doubts rests with Shaikh’s attempt to reconcile the Marxist ‘critique of political economy’ (as Marx sub-titled Capital) with ‘political economy’ itself – in other words submerging Marx into the ‘classical tradition’ of Smith, Ricardo, Mill etc. Yes, Marx was very appreciative of Smith and Ricardo’s objective insights into the nature of industrial capitalism. But he had profound disagreements and criticisms of their labour theory of value, which failed to recognise the dual nature of commodity production – combining use value (output of things and services) and exchange value (pricing in the capitalist market). That dual nature reveals: first, that it is labour (power) that creates value; and second, that profit is the result of the exploitation of labour.

full: https://thenextrecession.wordpress.com/2016/10/13/shaikh-at-greenwich/
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