IDEAS home Printed from https://ideas.repec.org/a/oup/cambje/v21y1997i4p545-49.html
   My bibliography  Save this article

Labour Time versus Alternative Value Bases: A Research Note

Author

Listed:
  • Cockshott, W Paul
  • Cottrell, Allin F

Abstract

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.

Suggested Citation

  • Cockshott, W Paul & Cottrell, Allin F, 1997. "Labour Time versus Alternative Value Bases: A Research Note," Cambridge Journal of Economics, Oxford University Press, vol. 21(4), pages 545-549, July.
  • Handle: RePEc:oup:cambje:v:21:y:1997:i:4:p:545-49
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below 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.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jan Mikael Malmaeus, 2016. "Economic Values and Resource Use," Sustainability, MDPI, Open Access Journal, vol. 8(5), pages 1-20, May.
    2. Andrea Vaona, 2014. "A panel data approach to price–value correlations," Empirical Economics, Springer, vol. 47(1), pages 21-34, August.
    3. Emilio Díaz & Rubén Osuna, 2009. "From correlation to dispersion: geometry of the price-value deviation," Empirical Economics, Springer, vol. 36(2), pages 427-440, May.
    4. repec:gam:jsusta:v:8:y:2016:i:5:p:490:d:70302 is not listed on IDEAS
    5. 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.
    6. 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.
    7. T Mariolis & G Soklis, 2010. "Additive Labour Values and Prices: Evidence from the Supply and Use Tables of the French, German and Greek Economies," Economic Issues Journal Articles, Economic Issues, vol. 15(2), pages 87-107, September.
    8. Peter Matthews, 2002. "The Dialectics of Differentiation: Marx's Mathematical Manuscripts and Their Relation to His Economics," Middlebury College Working Paper Series 0203, Middlebury College, Department of Economics.
    9. repec:taf:revpoe:v:29:y:2017:i:1:p:111-132 is not listed on IDEAS
    10. 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.
    11. Vaona, Andrea, 2015. "Price–price deviations are highly persistent," Structural Change and Economic Dynamics, Elsevier, vol. 33(C), pages 86-95.
    12. Cottrell, Allin & Cockshott, W. Paul, 2007. "Against Hayek," MPRA Paper 6062, University Library of Munich, Germany.
    13. Angelo Reati, 2005. "Value and exploitation: a comment," Review of Political Economy, Taylor & Francis Journals, vol. 17(4), pages 609-617.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. 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). General contact details of provider: https://academic.oup.com/cje .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.