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Putting labour values to work

Author

Listed:
  • Jonathan F. Cogliano

    (Economics Department, University of Massachusetts Boston, MA, USA)

  • Roberto Veneziani

    (School of Economics and Finance, Queen Mary University of London, Mile End Road, London E1 4NS, UK)

  • Naoki Yoshihara

    (Department of Economics, University of Massachusetts Amherst, MA, USA
    The Institute of Economic Research, Hitotsubashi University, Tokyo, Japan
    School of Management, Kochi University of Technology, Kochi, Japan)

Abstract

Conventional wisdom has it that Marxian value theory, and labour values themselves, are logically inconsistent, theoretically shaky, and empirically irrelevant. In this paper, we discuss recent research showing that this conclusion is not warranted. While past debates have definitively proved that labour values, or employment multipliers, cannot be used to explain equilibrium prices, this does not mean that a sound, empirically oriented Marxian approach cannot be built which assigns a central role to labour values. To be specific, we argue that they can be used to understand certain fundamental laws of capitalist economies – in particular the relation between profitability, technical progress, and accumulation – and also to construct normatively interesting indices capturing certain inequalities in well-being freedom.

Suggested Citation

  • Jonathan F. Cogliano & Roberto Veneziani & Naoki Yoshihara, 2022. "Putting labour values to work," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 72(s1), pages 51-79, July.
    • Handle: RePEc:aka:aoecon:v:72:y:2022:i:s1:p:51-79
    DOI: 10.1556/032.2022.00019
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    Cited by:

    1. Tomás N. Rotta, 2025. "Value capture and value production in the world economy: A Marxian analysis of global value chains, 2000–2014," Environment and Planning A, , vol. 57(2-3), pages 184-202, May.

    More about this item

    Keywords

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    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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