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Measures of Production Price-Labour Value Deviation and Income Distribution in Actual Economies: Theory and Empirical Evidence

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  • Theodore Mariolis

    (Department of Public Administration, Panteion University, Athens, Greece)

  • Lefteris Tsoulfidis

    (Department of Economics, University of Macedonia, Thessaloniki, Greece)

Abstract

Many empirical studies indicate that the deviations of actual prices of production from labour values are not too sensitive to the type of measure used for their evaluation. This paper attempts to theorize this rather ‘stylized fact’ by focusing on the relationships between the traditional and the numéraire-free measures of deviation. On the empirical side, it provides an illustration of these relationships using input-output data from Greek and Japanese economies.

Suggested Citation

  • Theodore Mariolis & Lefteris Tsoulfidis, 2017. "Measures of Production Price-Labour Value Deviation and Income Distribution in Actual Economies: Theory and Empirical Evidence," Bulletin of Political Economy, Bulletin of Political Economy, vol. 11(2), pages 151-170, December.
    • Handle: RePEc:awu:journl:v:11:y:2017:i:2:p:151-170
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    References listed on IDEAS

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    1. Theodore Mariolis & Lefteris Tsoulfidis, 2010. "Measures Of Production Price‐Labour Value Deviation And Income Distribution In Actual Economies: A Note," Metroeconomica, Wiley Blackwell, vol. 61(4), pages 701-710, November.
    2. Lefteris Tsoulfidis & Theodore Mariolis, 2007. "Labour Values, Prices of Production and the Effects of Income Distribution: Evidence from the Greek Economy," Economic Systems Research, Taylor & Francis Journals, vol. 19(4), pages 425-437.
    3. Harvie, David, 2000. "Testing Goodwin: Growth Cycles in Ten OECD Countries," Cambridge Journal of Economics, Oxford University Press, vol. 24(3), pages 349-376, May.
    4. Steedman, Ian & Tomkins, Judith, 1998. "On Measuring the Deviation of Prices from Values," Cambridge Journal of Economics, Oxford University Press, vol. 22(3), pages 379-385, May.
    5. Lefteris Tsoulfidis, 2008. "Price-value deviations: further evidence from input-output data of Japan," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(6), pages 707-724.
    6. Luci Ellis & Kathryn Smith, 2010. "The Global Upward Trend in the Profit Share," Applied Economics Quarterly (formerly: Konjunkturpolitik), Duncker & Humblot, Berlin, vol. 56(3), pages 231-256.
    7. Theodore Mariolis & Lefteris Tsoulfidis, 2009. "Decomposing the Changes in Production Prices into "Capital-Intensity" and "Price" Effects: Theory and Evidence from the Chinese Economy ," Contributions to Political Economy, Oxford University Press, vol. 28(1), pages 1-22.
    8. Mainwaring, L, 1976. "Relative Prices and "Factor Price" Equalisation in a Heterogeneous Capital Goods Model," Australian Economic Papers, Wiley Blackwell, vol. 15(26), pages 109-118, June.
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    Citations

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    Cited by:

    1. Ferrer-Hernández , Jacobo & Torres-González, Luis Daniel, 2022. "Some Recent Developments on the Explanation of the Empirical Relationship between Prices and Distribution," Centro Sraffa Working Papers CSWP54, Centro di Ricerche e Documentazione "Piero Sraffa".
    2. Iliadi, Fotoula & Mariolis, Theodore & Soklis, George & Tsoulfidis, Lefteris, 2012. "Bienenfeld’s approximation of production prices and eigenvalue distribution: some more evidence from five European economies," MPRA Paper 36282, University Library of Munich, Germany.
    3. Tsoulfidis, Lefteris, 2021. "Capital Theory Debates: New Developments and Direction," Centro Sraffa Working Papers CSWP51, Centro di Ricerche e Documentazione "Piero Sraffa".
    4. Lefteris Tsoulfidis & Dimitris Paitaridis, 2017. "Monetary Expressions of Labour Time and Market Prices: Theory and Evidence from China, Japan and Korea," Review of Political Economy, Taylor & Francis Journals, vol. 29(1), pages 111-132, January.
    5. Theodore Mariolis & Lefteris Tsoulfidis, 2018. "Less Is More: Capital Theory And Almost Irregular-Uncontrollable Actual Economies," Contributions to Political Economy, Oxford University Press, vol. 37(1), pages 65-88.
    6. Mariolis, Theodore & Tsoulfidis, Lefteris, 2010. "Eigenvalue distribution and the production price-profit rate relationship in linear single-product systems: theory and empirical evidence," MPRA Paper 43716, University Library of Munich, Germany.
    7. Mariolis, Theodore & Tsoulfidis, Lefteris, 2016. "Capital theory: Less is more," MPRA Paper 75923, University Library of Munich, Germany.
    8. Theodore Mariolis & Lefteris Tsoulfidis, 2010. "Measures Of Production Price‐Labour Value Deviation And Income Distribution In Actual Economies: A Note," Metroeconomica, Wiley Blackwell, vol. 61(4), pages 701-710, November.

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    More about this item

    JEL classification:

    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models

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