This volume studies the development of Marxian value theory in a modernised context. The controversy about Marx's value theory is now in its third stage. The first stage was marked by Bohm-Bawerk, and the second by Samuelson soon after the World War II. In this second stage, the basic results in Marx's economics were examined and formulated by Okishio and Morishima-Seton in the Leontief economy case. The third stage was opened by Morishima, who developed the Marxian theory of value on the ba~is of von Neumann's theory. In Chapters I through IV, a concise but comprehensive overview of the...