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Embodied Labour and Competitive Prices: A Physical Quantities Approach

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  • Roberts, Bruce B

Abstract

This paper presents a reformulated concept of value consistent with Karl Marx's approach. The relation between such values and competitive prices is shown to have novel and symmetric characteristics. A new sort of transformation algorithm is proposed: first, use values to transform the conditions of production to create a hypothetical 'standard technology' in which each commodity is allocated a proportional share of the aggregate inputs; then, solve for production prices simply by calculating the labor directly and indirectly embodied under standard technological conditions. Competitive prices thus represent the 'average labor' contained in commodities, where averaging takes place across industry boundaries. Copyright 1997 by Oxford University Press.

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  • Roberts, Bruce B, 1997. "Embodied Labour and Competitive Prices: A Physical Quantities Approach," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 21(4), pages 483-502, July.
    • Handle: RePEc:oup:cambje:v:21:y:1997:i:4:p:483-502
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    Cited by:

    1. 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.

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