Labour Time versus Alternative Value Bases: A Research Note
AbstractThis paper provides empirical support for the 'law of value,' understood as the proposition that embodied labor time is conserved in exchanges of commodities. Market prices are well correlated with the sum of direct and indirect labor content. Is it possible to produce equally good correlations by taking the sum of direct and indirect x-content, where x is some input other than labor time? The authors repeat the analysis for electricity, iron and steel, and oil and show that the answer is no. The high correlations in the case of labor time are, therefore, not a statistical artifact. Copyright 1997 by Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Cambridge Journal of Economics.
Volume (Year): 21 (1997)
Issue (Month): 4 (July)
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- Emilio Díaz & Rubén Osuna, 2009. "From correlation to dispersion: geometry of the price-value deviation," Empirical Economics, Springer, vol. 36(2), pages 427-440, May.
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- T Mariolis & G Soklis, 2010. "Additive Labour Values and Prices: Evidence from the Supply and Use Tables of the French, German and Greek Economies," Economic Issues Journal Articles, Economic Issues, vol. 15(2), pages 87-107, September.
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