Abstract

In a recent article Robert Paul Wolff has argued that Marx's theory of capitalist exploitation is incorrect, in that its ground is the premiss that labor is the source of all value.1 This, of course, is a well-rehearsed objection to Marx, but Wolff gives it a novel twist. He notes that the defense of this premise in the opening pages of Capital is inadequate, but he is not troubled by this ‘bad argument,’ for he sees Marx's real argument as something else: the claim that unless labor is the source of all value, an adequate account of profit is impossible. In other words Marx is seen to be making a transcendental argument: an inquiry into the conditions for the possibility of profit. Wolff proceeds to argue that Marx goes astray here, but not so far astray that a valid transcendental argument, faithful to Marx's essential insight, cannot be charted.