Strong Subjectivism in the Marxian Theory of Exploitation: A Critique
AbstractThis paper critically analyses the strongly subjectivist approach to exploitation theory recently proposed by Matsuo (), in the context of general convex economies with heterogeneous agents. It is proved that the Fundamental Marxian Theorem is not preserved in his subjectivist approach, contrary to Matsuo's claims, and that no meaningful subjectivist exploitation index can be constructed. It is argued that a minimal objectivism is necessary in exploitation theory, whereby subjective preferences do not play a direct, definitional role. An alternative objectivist approach is briefly analysed, which is related to the 'New Interpretation' (; ). It is argued that it captures the core intuitions of exploitation theory and it provides appropriate indices of individual and aggregate exploitation. Further, it is shown that it preserves the FMT in general economies.
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Bibliographic InfoPaper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number a523.
Length: 26, 2 p.
Date of creation: Nov 2009
Date of revision:
Exploitation; subjective preferences; Fundamental Marxian Theorem; general convex cone economies;
Other versions of this item:
- Roberto Veneziani & Naoki Yoshihara, 2011. "Strong Subjectivism In The Marxian Theory Of Exploitation: A Critique," Metroeconomica, Wiley Blackwell, vol. 62(1), pages 53-68, 02.
- 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.
- D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
- D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Institutional; Evolutionary
- B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-07-03 (All new papers)
- NEP-HPE-2010-07-03 (History & Philosophy of Economics)
- NEP-PKE-2010-07-03 (Post Keynesian Economics)
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- 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.
- 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.
- 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.
- Roberto Veneziani & Naoki Yoshihara, 2010. "Exploitation and Profits: A General Axiomatic Approach in Convex Economies with Heterogeneous Agents," UMASS Amherst Economics Working Papers 2010-12, University of Massachusetts Amherst, Department of Economics.
- 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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