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The Labour Theory of Value as Foundation for Empirical Investigations

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  • Simon Mohun

Abstract

This paper outlines some recent approaches to the construction of an accounting structure which relates observable prices to Marxian labour values. The first is that proposed (independently of each other) by Duménil and Foley (DF); the second in some sense is a generalization which focuses on gross value produced rather than net value added; and a third imposes some temporal structure upon the second approach. The second two approaches are based on different definitions of labour value from that in the DF approach, and in the paper it is argued that the DF approach is both more theoretically coherent and more practically useful.

Suggested Citation

  • Simon Mohun, 2004. "The Labour Theory of Value as Foundation for Empirical Investigations," Metroeconomica, Wiley Blackwell, vol. 55(1), pages 65-95, February.
    • Handle: RePEc:bla:metroe:v:55:y:2004:i:1:p:65-95
    DOI: 10.1111/j.0026-1386.2004.00183.x
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    References listed on IDEAS

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    1. Panos, Eladio Febrero, 2000. "A Re(in)statement of the Labour Theory of Value: A Comment," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 24(1), pages 107-111, January.
    2. Richard D. Wolff & Bruce Roberts & Antonino Callari, 1982. "Marx's (not Ricardo's) ‘Transformation Problem’: A Radical Reconceptualization," History of Political Economy, Duke University Press, vol. 14(4), pages 564-582, Winter.
    3. F. Seton, 1957. "The "Transformation Problem"," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 24(3), pages 149-160.
    4. Duncan K. Foley, 2000. "Recent Developments in the Labor Theory of Value," Review of Radical Political Economics, Union for Radical Political Economics, vol. 32(1), pages 1-39, March.
    5. Richard D. Wolff & Antonino Callari & Bruce Roberts, 1984. "A Marxian Alternative to the Traditional "Transformation Problem"," Review of Radical Political Economics, Union for Radical Political Economics, vol. 16(2-3), pages 115-135, June.
    6. Duncan K. Foley, 1982. "The Value of Money the Value of Labor Power and the Marxian Transformation Problem," Review of Radical Political Economics, Union for Radical Political Economics, vol. 14(2), pages 37-47, June.
    7. Parys, Wilfried, 1982. "The Deviation of Prices from Labor Values," American Economic Review, American Economic Association, vol. 72(5), pages 1208-1212, December.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Roberto Veneziani & Naoki Yoshihara, 2011. "Strong Subjectivism In The Marxian Theory Of Exploitation: A Critique," Metroeconomica, Wiley Blackwell, vol. 62(1), pages 53-68, February.
    2. 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.
    3. Simon Mohun & Roberto Veneziani, 2017. "Value, Price, And Exploitation: The Logic Of The Transformation Problem," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1387-1420, December.
    4. Jonathan F. Cogliano, 2017. "Surplus Value Production and Realization in Marxian Theory - Applications to the U.S., 1987-2015," Working Paper Series 2017-01, Dickinson College, Department of Economics.
    5. Jonathan F. Cogliano, 2021. "Marx's Equalized Rate of Exploitation," Working Papers 2021-01, University of Massachusetts Boston, Economics Department.
    6. Yoshihara, Naoki & Veneziani, Roberto, 2013. "The Measurement of Labour Content: A General Approach," Discussion Paper Series 587, Institute of Economic Research, Hitotsubashi University.
    7. Jonathan F. Cogliano & Roberto Veneziani & Naoki Yoshihara, 2021. "The Dynamics of International Exploitation," Working Papers 2021-02, University of Massachusetts Boston, Economics Department.
    8. Andrea Ricci, 2016. "Unequal Exchange in International Trade:A General Model," Working Papers 1605, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2016.
    9. Yoshihara, Naoki & 吉原, 直毅 & ヨシハラ, ナオキ & Veneziani, Roberto, 2009. "Exploitation as the Unequal Exchange of Labour : An Axiomatic Approach," Discussion Paper Series a524, Institute of Economic Research, Hitotsubashi University.
    10. Veneziani, Roberto & Yoshihara, Naoki, 2014. "One Million Miles to Go: Taking the Axiomatic Road to Defining Exploitation," Discussion Paper Series 615, Institute of Economic Research, Hitotsubashi University.
    11. Jonathan F. Cogliano & Roberto Veneziani & Naoki Yoshihara, 2016. "The Dynamics of Exploitation and Class in Accumulation Economies," Metroeconomica, Wiley Blackwell, vol. 67(2), pages 242-290, May.
    12. Gabriel V. Montes‐Rojas, 2023. "A typology of Marxian transformation procedures with endogenous exploitation rate," Metroeconomica, Wiley Blackwell, vol. 74(1), pages 119-137, February.
    13. Peter Flaschel & Nils Fröhlich & Roberto Veneziani, 2013. "The sources of aggregate profitability: Marx's theory of surplus value revisited," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(3), pages 299—312-2, December.
    14. 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.
    15. Roberto Veneziani & Naoki Yoshihara, 2011. "Strong Subjectivism In The Marxian Theory Of Exploitation: A Critique," Metroeconomica, Wiley Blackwell, vol. 62(1), pages 53-68, February.
    16. Basu, Deepankar, 2015. "A Selective Review of Recent Quantitative Empirical Research in Marxist Political Economy," UMASS Amherst Economics Working Papers 2015-05, University of Massachusetts Amherst, Department of Economics.
    17. Vaona, Andrea, 2015. "Price–price deviations are highly persistent," Structural Change and Economic Dynamics, Elsevier, vol. 33(C), pages 86-95.
    18. Calbay, Arman, 2006. "Property Rights and Theory of Value," MPRA Paper 25827, University Library of Munich, Germany, revised 31 Jul 2009.
    19. Dong‐Min Rieu, 2008. "Estimating Sectoral Rates Of Surplus Value: Methodological Issues," Metroeconomica, Wiley Blackwell, vol. 59(4), pages 557-573, November.
    20. Deepankar Basu & Oscar Orellana, 2022. "Marx after Okishio: Falling Rate of Profit with Constant Rate of Exploitation," Papers 2205.08956, arXiv.org, revised May 2022.
    21. Andrea Vaona, 2012. "Price-price deviations are highly persistent - extended version," Working Papers 08/2012, University of Verona, Department of Economics.
    22. repec:ums:papers:2014-010 is not listed on IDEAS
    23. Robin Eric Hahnel, 2021. "Response to Moseley," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(3), pages 525-534, September.

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