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A Note On The Formal Treatment Of Exploitation In A Model With Heterogenous Labor

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  • Gérard Duménil
  • Duncan Foley
  • Dominique Lévy

Abstract

The paper presents a formal generalization of Marx's analysis of exploitation and prices in economies in which categories of labor are distinguished according to their unequal ability to create exchange value. Measures of exploitation of categories of labor which are consistent with both the Price of Net Product-Unallocated Purchasing Power (PNP-UPP) (New Interpretation) and the traditional interpretation of Marx's theory of value are defined which aggregate consistently over labor categories and sectors. In order to measure rates of exploitation from real economic data some additional assumption about relative rates of exploitation (which Marx often explicitly assumes to be equal) is required. Copyright © 2009 The Authors. Journal compilation © 2009 Blackwell Publishing Ltd.

Suggested Citation

  • Gérard Duménil & Duncan Foley & Dominique Lévy, 2009. "A Note On The Formal Treatment Of Exploitation In A Model With Heterogenous Labor," Metroeconomica, Wiley Blackwell, vol. 60(3), pages 560-567, July.
  • Handle: RePEc:bla:metroe:v:60:y:2009:i:3:p:560-567
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    References listed on IDEAS

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    1. Harcourt,G. C., 2008. "The Structure of Post-Keynesian Economics," Cambridge Books, Cambridge University Press, number 9780521067539, March.
    2. Kregel, J A, 1976. "Economic Methodology in the Face of Uncertainty: The Modelling Methods of Keynes and the Post-Keynesians," Economic Journal, Royal Economic Society, vol. 86(342), pages 209-225, June.
    3. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
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    Citations

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    Cited by:

    1. 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.
    2. Veneziani, Roberto & Yoshihara, Naoki, 2016. "The Theory of Exploitation as the Unequal Exchange of Labour," Discussion Paper Series 652, Institute of Economic Research, Hitotsubashi University.
    3. repec:spr:sochwe:v:49:y:2017:i:3:d:10.1007_s00355-017-1062-8 is not listed on IDEAS
    4. Yoshihara, Naoki & Veneziani, Roberto, 2013. "The Measurement of Labour Content: A General Approach," Discussion Paper Series 587, Institute of Economic Research, Hitotsubashi University.
    5. Jonathan F. Cogliano & Roberto Veneziani & Naoki Yoshihara, 2018. "Exploitation, skills, and inequality," Working Paper Series 2018-01, Dickinson College, Department of Economics.
    6. Flaschel, Peter & Fröhlich, Nils & Veneziani, Roberto, 2011. "The sources of profitability," MPRA Paper 30861, University Library of Munich, Germany.
    7. 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.
    8. Yoshihara, Naoki & Veneziani, Roberto, 2009. "Exploitation as the Unequal Exchange of Labour : An Axiomatic Approach," Discussion Paper Series a524, Institute of Economic Research, Hitotsubashi University.
    9. 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.
    10. 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.
    11. 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.
    12. repec:ums:papers:2014-010 is not listed on IDEAS
    13. Roberto Veneziani & Naoki Yoshihara, 2017. "Globalisation and inequality in a dynamic economy: an axiomatic analysis of unequal exchange," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 49(3), pages 445-468, December.
    14. Jonathan F. Cogliano, 2011. "Smith’s “Perfect Liberty” and Marx’s Equalized Rate of Surplus-Value," Working Papers 1108, New School for Social Research, Department of Economics.

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