Labour Time versus Alternative Value Bases: A Research Note
This paper provides empirical support for the 'law of value,' understood as the proposition that embodied labor time is conserved in exchanges of commodities. Market prices are well correlated with the sum of direct and indirect labor content. Is it possible to produce equally good correlations by taking the sum of direct and indirect x-content, where x is some input other than labor time? The authors repeat the analysis for electricity, iron and steel, and oil and show that the answer is no. The high correlations in the case of labor time are, therefore, not a statistical artifact. Copyright 1997 by Oxford University Press.
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 21 (1997)
Issue (Month): 4 (July)
|Contact details of provider:|| Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK|
Fax: 01865 267 985
Web page: https://academic.oup.com/cje
|Order Information:||Web: http://www.oup.co.uk/journals|
When requesting a correction, please mention this item's handle: RePEc:oup:cambje:v:21:y:1997:i:4:p:545-49. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.