Profits and Exploitation: A Reappraisal
AbstractThis paper provides a mathematical analysis of the Marxian theory of the exploitation of labour in general equilibrium models. The two main definitions of Marxian exploitation in the literature, proposed by Morishima (1974) and Roemer (1982), respectively, are analysed in the context of general convex economies. It is shown that, contrary to the received view, in general these definitions do not preserve the so-called Fundamental Marxian Theorem (FMT), which states that the exploitation of labour is synonymous with positive profits. A new definition of Marxian labor exploitation is proposed, which is shown to preserve the FMT in general convex economies, in equilibrium.
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Bibliographic InfoPaper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number a549.
Length: 27 p.
Date of creation: Apr 2011
Date of revision:
exploitation; profits; reproducible solutions;
Find related papers by JEL classification:
- D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
- D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
- B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
- B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
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- Veneziani, Roberto & Yoshihara, Naoki, 2011.
"Exploitation of Labour and Exploitation of Commodities: a “New Interpretation”,"
34650, University Library of Munich, Germany.
- 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.
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