Advanced Search
MyIDEAS: Login

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

Contents:

Author Info

  • 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.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/19095/1/DP542.pdf
Download Restriction: no

Bibliographic Info

Paper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number 542.

as in new window
Length: 40 p.
Date of creation: Oct 2010
Date of revision:
Handle: RePEc:hit:hituec:542

Note: This version: April 2011
Contact details of provider:
Postal: 2-1 Naka, Kunitachi City, Tokyo 186
Phone: +81-42-580-8327
Fax: +81-42-580-8333
Email:
Web page: http://www.ier.hit-u.ac.jp/
More information through EDIRC

Related research

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

Other versions of this item:

Find related papers by JEL classification:

This paper has been announced in the following NEP Reports:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Roberto Veneziani & Naoki Yoshihara, 2009. "Strong Subjectivism in the Marxian Theory of Exploitation: A Critique," Working Papers 654, Queen Mary, University of London, School of Economics and Finance.
  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. 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.
  4. 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.
  5. Veneziani, Roberto, 2007. "Exploitation and time," Journal of Economic Theory, Elsevier, vol. 132(1), pages 189-207, January.
  6. Veneziani, Roberto & Yoshihara, Naoki, 2011. "Exploitation and Profits: A General Axiomatic Approach in Convex Economies with Heterogeneous Agents," CCES Discussion Paper Series 44, Center for Research on Contemporary Economic Systems, Graduate School of Economics, Hitotsubashi University.
  7. 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.
  8. Flaschel, Peter, 1983. "Actual Labor Values in a General Model of Production," Econometrica, Econometric Society, vol. 51(2), pages 435-54, March.
  9. Roberto Veneziani, 2012. "Analytical Marxism," Journal of Economic Surveys, Wiley Blackwell, vol. 26(4), pages 649-673, 09.
  10. 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.
  11. Yoshihara, Naoki, 2010. "Class and exploitation in general convex cone economies," Journal of Economic Behavior & Organization, Elsevier, vol. 75(2), pages 281-296, August.
  12. Roemer, John E, 1980. "A General Equilibrium Approach to Marxian Economics," Econometrica, Econometric Society, vol. 48(2), pages 505-30, March.
  13. 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.
  14. 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.
  15. Reiko Gotoh & Naoki Yoshihara, 2003. "A class of fair distribution rules à la Rawls and Sen," Economic Theory, Springer, vol. 22(1), pages 63-88, 08.
  16. Takao Fujimoto & Arrigo Opocher, 2010. "Commodity Content In A General Input-Output Model," Metroeconomica, Wiley Blackwell, vol. 61(3), pages 442-453, 07.
  17. Yoshihara, Naoki & Veneziani, Roberto, 2009. "Exploitation as the Unequal Exchange of Labour: An Axiomatic Approach," CCES Discussion Paper Series 23, Center for Research on Contemporary Economic Systems, Graduate School of Economics, Hitotsubashi University.
  18. 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.
  19. 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.
  20. Morishima, Michio, 1974. "Marx in the Light of Modern Economic Theory," Econometrica, Econometric Society, vol. 42(4), pages 611-32, July.
  21. 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.
  22. Fleurbaey Marc, 1995. "Three Solutions for the Compensation Problem," Journal of Economic Theory, Elsevier, vol. 65(2), pages 505-521, April.
  23. 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.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. 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.
  2. 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.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:hit:hituec:542. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Hiromichi Miyake).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.