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Values, prices of production and market prices: some more evidence from the Greek economy

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  • Lefteris Tsoulfidis

Abstract

This paper extends the empirical investigation of the relation between labour values and different price forms in the case of the Greek economy. Subjecting the labour theory of value to empirical tests with data from various countries helps in the derivation of general conclusions regarding its empirical validity and practical usefulness. Our results on the closeness of values and prices as measured by their absolute deviation and correlation, the shape of the wage--profit curves, the predictive power of labour values over market prices compared with other 'value bases', and the comparison of fundamental Marxian categories when estimated in value and price terms provide further support for the empirical strength of the labour theory of value. Copyright 2002, Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 26 (2002)
Issue (Month): 3 (May)
Pages: 359-369

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Handle: RePEc:oup:cambje:v:26:y:2002:i:3:p:359-369

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Cited by:
  1. 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, Economic Issues, vol. 15(2), pages 87-107, September.
  2. Andrea Vaona, 2011. "A panel data approach to price-value correlations," Working Papers 14/2011, University of Verona, Department of Economics.
  3. Paul Cockshott & David Zachariah, 2013. "Conservation laws, financial entropy and the Eurozone crisis," Papers 1301.5974, arXiv.org.
  4. Theodore Mariolis & George Soklis & Eugenia Zouvela, 2013. "Testing Böhm-Bawerk’s theory of capital: Some evidence from the Finnish economy," The Review of Austrian Economics, Springer, vol. 26(2), pages 207-220, June.
  5. Soklis, George, 2011. "Wage-profit curves of the Finnish economy: evidence from the supply and use tables," MPRA Paper 30183, University Library of Munich, Germany.
  6. Mariolis, Theodore & Tsoulfidis, Lefteris, 2010. "Eigenvalue distribution and the production price-profit rate relationship in linear single-product systems: theory and empirical evidence," MPRA Paper 43716, University Library of Munich, Germany.
  7. Andrea Vaona, 2012. "Price-price deviations are highly persistent - extended version," Working Papers 08/2012, University of Verona, Department of Economics.
  8. 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.
  9. Freeman, Alan, 2010. "Crisis and ‘law of motion’ in economics: a critique of positivist Marxism," MPRA Paper 48619, University Library of Munich, Germany, revised 05 Jul 2010.

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