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The law of value and laws of statistics: sectoral values and prices in the US economy, 1977--97

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  • Andrew J. Kliman

Abstract

This study replicates findings that sectoral prices and values are highly correlated cross-sectionally, and that deviations between them are small. Yet after controlling for variations in industry size that produce 'spurious correlation', I find no reliable evidence that relative values have any influence upon relative prices. The smallness of price--value deviations thus does not result from such an influence; it is shown instead to result from a lack of dispersion in the data. Values turn out to be no better predictors of prices than any other random variable with the same probability distribution. Copyright 2002, Oxford University Press.

Suggested Citation

  • Andrew J. Kliman, 2002. "The law of value and laws of statistics: sectoral values and prices in the US economy, 1977--97," Cambridge Journal of Economics, Oxford University Press, vol. 26(3), pages 299-311, May.
  • Handle: RePEc:oup:cambje:v:26:y:2002:i:3:p:299-311
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    Cited by:

    1. Andrea Vaona, 2014. "A panel data approach to price–value correlations," Empirical Economics, Springer, vol. 47(1), pages 21-34, August.
    2. repec:taf:revpoe:v:29:y:2017:i:1:p:111-132 is not listed on IDEAS
    3. 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.
    4. repec:eme:rpeczz:s0161-7230(2010)0000026008 is not listed on IDEAS
    5. Vaona, Andrea, 2015. "Price–price deviations are highly persistent," Structural Change and Economic Dynamics, Elsevier, vol. 33(C), pages 86-95.
    6. Alan Freeman, 2010. "Crisis and “law of motion” in economics: a critique of positivist Marxism," Research in Political Economy,in: The National Question and the Question of Crisis, volume 26, pages 211-250 Emerald Publishing Ltd.

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