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

Author

Listed:
  • 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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    Cited by:

    1. is not listed on IDEAS
    2. Jacobo Ferrer-Hernández & Luis Daniel Torres-González, 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'.
    3. Lefteris Tsoulfidis, 2021. "Capital Theory Debates: New Developments and Direction," Centro Sraffa Working Papers CSWP51, Centro di Ricerche e Documentazione 'Piero Sraffa'.
    4. 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.
    5. 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.
    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, 2018. "Less Is More: Capital Theory And Almost Irregular-Uncontrollable Actual Economies," Contributions to Political Economy, Cambridge Political Economy Society, vol. 37(1), pages 65-88.
    9. 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.

    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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