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Exploitation and Profits: A General Axiomatic Approach in Convex Economies with Heterogeneous Agents

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  • Veneziani, Roberto
  • Yoshihara, Naoki

Abstract

This paper provides an innovative axiomatic analysis of the notion of exploitation as the unequal exchange of labour. General convex economies with heterogeneous agents endowed with unequal amounts of physical and human capital are considered. An axiomatic characterisation of the class of definitions that satisfy a weak domain condition and the profit-exploitation correspondence principle (PECP) is derived. It is shown that none of the main received definitions preserves the PECP. Instead, a novel definition is presented which satisfies the PECP and allows one to generalise a number of key insights of exploitation theory to complex advanced economies.

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File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/19230/1/070ccesDP_44.pdf
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Bibliographic Info

Paper provided by Center for Research on Contemporary Economic Systems, Graduate School of Economics, Hitotsubashi University in its series CCES Discussion Paper Series with number 44.

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Length: 41 p.
Date of creation: Jul 2011
Date of revision:
Handle: RePEc:hit:ccesdp:44

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Keywords: Exploitation; convex economies; heterogeneous agents; New Interpretation;

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  1. Reiko Gotoh & Naoki Yoshihara, 2000. "A Class of Fair Distribution Rules a la Rawls and Sen," Discussion Paper Series a389, Institute of Economic Research, Hitotsubashi University.
  2. Naoki Yoshihara, 2000. "Characterizations of Bargaining Solutions in Production Economies with Unequal Skills," Discussion Paper Series a396, Institute of Economic Research, Hitotsubashi University.
  3. Veneziani, Roberto & Yoshihara, Naoki, 2009. "Strong Subjectivism in the Marxian Theory of Exploitation: A Critique," CCES Discussion Paper Series 21, Center for Research on Contemporary Economic Systems, Graduate School of Economics, Hitotsubashi University.
  4. Roemer, John E, 1986. "Equality of Resources Implies Equality of Welfare," The Quarterly Journal of Economics, MIT Press, vol. 101(4), pages 751-84, November.
  5. Flaschel, Peter, 1983. "Actual Labor Values in a General Model of Production," Econometrica, Econometric Society, vol. 51(2), pages 435-54, March.
  6. Veneziani, Roberto & Yoshihara, Naoki, 2010. "Exploitation and Profits: A General Axiomatic Approach in Convex Economies with Heterogeneous Agents," Discussion Paper Series 542, Institute of Economic Research, Hitotsubashi University.
  7. Takao Fujimoto & Arrigo Opocher, 2010. "Commodity Content In A General Input-Output Model: A Reply To Bellino, Yoshihara And Veneziani," Metroeconomica, Wiley Blackwell, vol. 61(4), pages 754-758, November.
  8. Sylla, Richard, 1998. "Comments on "Marx, economies of scale, and the falling rate of profit" by T. Negishi," Japan and the World Economy, Elsevier, vol. 10(3), pages 265-266, July.
  9. Veneziani, Roberto, 2007. "Exploitation and time," Journal of Economic Theory, Elsevier, vol. 132(1), pages 189-207, January.
  10. Roemer, John E, 1980. "A General Equilibrium Approach to Marxian Economics," Econometrica, Econometric Society, vol. 48(2), pages 505-30, March.
  11. Morishima, Michio, 1974. "Marx in the Light of Modern Economic Theory," Econometrica, Econometric Society, vol. 42(4), pages 611-32, July.
  12. Roberto Veneziani, 2004. "The Temporal Single-system Interpretation of Marx's Economics: A Critical Evaluation," Metroeconomica, Wiley Blackwell, vol. 55(1), pages 96-114, 02.
  13. Naoki Yoshihara & Roberto Veneziani, 2009. "Exploitation as the Unequal Exchange of Labour: An Axiomatic Approach," Working Papers 655, Queen Mary, University of London, School of Economics and Finance.
  14. Yoshihara, Naoki, 2007. "Class and Exploitation in General Convex Cone Economies," Discussion Paper Series a489, Institute of Economic Research, Hitotsubashi University.
  15. Fleurbaey Marc, 1995. "Three Solutions for the Compensation Problem," Journal of Economic Theory, Elsevier, vol. 65(2), pages 505-521, April.
  16. Tadasu Matsuo, 2008. "Profit, Surplus Product, Exploitation And Less Than Maximized Utility: A New Equivalence Proposition On The Fundamental Marxian Theorem," Metroeconomica, Wiley Blackwell, vol. 59(2), pages 249-265, 05.
  17. Roberto Veneziani, 2012. "Analytical Marxism," Journal of Economic Surveys, Wiley Blackwell, vol. 26(4), pages 649-673, 09.
  18. Sen, Amartya K, 1978. "On the Labour Theory of Value: Some Methodological Issues," Cambridge Journal of Economics, Oxford University Press, vol. 2(2), pages 175-90, June.
  19. Gérard Duménil & Duncan Foley & Dominique Lévy, 2009. "A Note On The Formal Treatment Of Exploitation In A Model With Heterogenous Labor," Metroeconomica, Wiley Blackwell, vol. 60(3), pages 560-567, 07.
  20. Foley, Duncan K., 1982. "Realization and accumulation in a Marxian model of the circuit of capital," Journal of Economic Theory, Elsevier, vol. 28(2), pages 300-319, December.
  21. Takao Fujimoto & Arrigo Opocher, 2010. "Commodity Content In A General Input-Output Model," Metroeconomica, Wiley Blackwell, vol. 61(3), pages 442-453, 07.
  22. Negishi, Takashi, 1998. "Marx, economies of scale, and the falling rate of profit," Japan and the World Economy, Elsevier, vol. 10(3), pages 253-263, July.
  23. John E. Roemer & Roberto Veneziani, 2004. "What We Owe Our Children, They Their Children, …," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 6(5), pages 637-654, December.
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Cited by:
  1. Yoshihara, Naoki & Roberto Veneziani, 2011. "Exploitation of Labour and Exploitation of Commodities: A "New Interpretation"," Discussion Paper Series 556, Institute of Economic Research, Hitotsubashi University.
  2. Veneziani, Roberto & Yoshihara, Naoki, 2010. "Exploitation and Profits: A General Axiomatic Approach in Convex Economies with Heterogeneous Agents," Discussion Paper Series 542, Institute of Economic Research, Hitotsubashi University.

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