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 Queen Mary, University of London, School of Economics and Finance in its series Working Papers with number 654.
Date of creation: Dec 2009
Date of revision:
Exploitation; Subjective preferences; Fundamental Marxian Theorem; General convex cone economies;
Find related papers by JEL classification:
- 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-2010-01-16 (All new papers)
- NEP-HPE-2010-01-16 (History & Philosophy of Economics)
- NEP-PKE-2010-01-16 (Post Keynesian Economics)
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.:
- Veneziani, Roberto & Yoshihara, Naoki, 2009. "Objectivist versus Subjectivist Approaches to the Marxian Theory of Exploitation," Discussion Paper Series a514, Institute of Economic Research, Hitotsubashi University.
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Discussion Paper Series
a489, Institute of Economic Research, Hitotsubashi University.
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- 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, 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.
- 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.
- 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.
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