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Values, Prices, and Wage-Profit Curves in the U.S. Economy

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  • Ochoa, Eduardo M

Abstract

This paper presents labor values and prices of production calculated for the postwar U.S. economy using a seventy-one-sector input-output model with fixed capital, as well as actual wage-profit curves during the same period. It is found that the cross-sectional deviations of values and prices of production from market prices are quite small: between 12 and 14 percent on average. Over time, approximately 75 percent of the variation of market prices is accounted for by changes by both values and prices of production, and 93 percent of the variation of prices of production is accounted for by changes in labor values. Wage-profit curves exhibit near-linearity, casting some doubt on the significance of reswitching for actual economies. Copyright 1989 by Oxford University Press.

Suggested Citation

  • Ochoa, Eduardo M, 1989. "Values, Prices, and Wage-Profit Curves in the U.S. Economy," Cambridge Journal of Economics, Oxford University Press, vol. 13(3), pages 413-429, September.
  • Handle: RePEc:oup:cambje:v:13:y:1989:i:3:p:413-29
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    Cited by:

    1. Theodore Mariolis & George Soklis & Eugenia Zouvela, 2013. "Testing Böhm-Bawerk’s theory of capital: Some evidence from the Finnish economy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(2), pages 207-220, June.
    2. Zambelli, Stefano & Fredholm, Thomas & Venkatachalam, Ragupathy, 2017. "Robust measurement of national technological progress," Structural Change and Economic Dynamics, Elsevier, vol. 42(C), pages 38-55.
    3. Alberto Benítez Sánchez. & Alejandro Benítez Sánchez., 2012. "Upper and Lower Bounds for Capital and Wages," Economía: teoría y práctica, Universidad Autónoma Metropolitana, México, vol. 37(2), pages 11-32, Julio-Dic.
    4. Andrea Vaona, 2014. "A panel data approach to price–value correlations," Empirical Economics, Springer, vol. 47(1), pages 21-34, August.
    5. Anwar M. Shaikh, "undated". "Explaining the U.S. Trade Deficit," Economics Policy Note Archive 00-1, Levy Economics Institute.
    6. Anwar Shaikh, 2018. "Skilled Labor in the Classical tradition," Working Papers 1801, New School for Social Research, Department of Economics.
    7. Diego Guerrero, 2011. "The dependence of prices on labour-values," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 1, pages 1-1, June.
    8. Mariolis, Theodore & Tsoulfidis, Lefteris, 2015. "Capital Theory ‘Paradoxes’ and Paradoxical Results: Resolved or Continued?," MPRA Paper 68214, University Library of Munich, Germany.
    9. repec:taf:revpoe:v:29:y:2017:i:1:p:111-132 is not listed on IDEAS
    10. 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.
    11. 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.
    12. Sangjun Jeong, 2017. "Biased Technical Change and Economic Growth: The Case of Korea, 1970–2013," Research in Political Economy,in: Return of Marxian Macro-Dynamics in East Asia, volume 32, pages 81-103 Emerald Publishing Ltd.
    13. Mariolis, Theodore & Tsoulfidis, Lefteris, 2016. "Capital theory: Less is more," MPRA Paper 75923, University Library of Munich, Germany.
    14. Mariolis, Theodore & Tsoulfidis, Lefteris, 2018. "Less is More: Capital Theory and Almost Irregular-Uncontrollable Actual Economies," MPRA Paper 84214, University Library of Munich, Germany.
    15. Greenblatt, R.E., 2014. "A dual theory of price and value in a meso-scale economic model with stochastic profit rate," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 416(C), pages 518-531.

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