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Exploitation of Labour and Exploitation of Commodities: A "New Interpretation"

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  • Yoshihara, Naoki
  • Roberto Veneziani

Abstract

In the standard Okishio-Morishima approach, the existence of profits is proved to be equivalent to the exploitation of labour. Yet, it can also be proved that the existence of profits is equivalent to the ‘exploitation’ of any good. Labour and commodity exploitation are just different numerical representations of the productiveness of the economy. This paper presents an alternative approach to exploitation theory which is related to the New Interpretation (Duménil 1980; Foley 1982). In this approach, labour exploitation captures unequal social relations among producers. The equivalence between the existence of profits and labour exploitation holds, whereas it is proved that there is no relation between profits and commodity ‘exploitation’.

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File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/19455/1/DP556.pdf
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Bibliographic Info

Paper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number 556.

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Length: 13 p.
Date of creation: Nov 2011
Date of revision:
Handle: RePEc:hit:hituec:556

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Keywords: Exploitation; Profits; Generalised Commodity Exploitation Theorem; New Interpretation;

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References

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  1. Morishima, Michio, 1974. "Marx in the Light of Modern Economic Theory," Econometrica, Econometric Society, vol. 42(4), pages 611-32, July.
  2. 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.
  3. Yoshihara, Naoki & Veneziani, Roberto, 2011. "Profits and Exploitation: A Reappraisal," Discussion Paper Series a549, Institute of Economic Research, Hitotsubashi University.
  4. Takao Fujimoto & Arrigo Opocher, 2010. "Commodity Content In A General Input-Output Model," Metroeconomica, Wiley Blackwell, vol. 61(3), pages 442-453, 07.
  5. Yoshihara, Naoki & Veneziani, Roberto, 2009. "Commodity Content in a General Input-Output Model: A Comment," Discussion Paper Series a522, Institute of Economic Research, Hitotsubashi University.
  6. Yoshihara, Naoki, 2007. "Class and Exploitation in General Convex Cone Economies," Discussion Paper Series a489, Institute of Economic Research, Hitotsubashi University.
  7. 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.
  8. 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.
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Cited by:
  1. Yoshihara, Naoki & Veneziani, Roberto, 2013. "The Measurement of Labour Content: A General Approach," Discussion Paper Series 587, Institute of Economic Research, Hitotsubashi University.
  2. Veneziani, Roberto & Yoshihara, Naoki, 2013. "Unequal Exchange, Assets, and Power: Recent Developments in Exploitation Theory," Discussion Paper Series 594, Institute of Economic Research, Hitotsubashi University.

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