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Values, prices of production and market prices: some more evidence from the Greek economy

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  • Lefteris Tsoulfidis

Abstract

This paper extends the empirical investigation of the relation between labour values and different price forms in the case of the Greek economy. Subjecting the labour theory of value to empirical tests with data from various countries helps in the derivation of general conclusions regarding its empirical validity and practical usefulness. Our results on the closeness of values and prices as measured by their absolute deviation and correlation, the shape of the wage--profit curves, the predictive power of labour values over market prices compared with other 'value bases', and the comparison of fundamental Marxian categories when estimated in value and price terms provide further support for the empirical strength of the labour theory of value. Copyright 2002, Oxford University Press.

Suggested Citation

  • Lefteris Tsoulfidis, 2002. "Values, prices of production and market prices: some more evidence from the Greek economy," Cambridge Journal of Economics, Oxford University Press, vol. 26(3), pages 359-369, May.
  • Handle: RePEc:oup:cambje:v:26:y:2002:i:3:p:359-369
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    Citations

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    Cited by:

    1. 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.
    2. Montalban, Matthieu, 2012. "De la place de la théorie de la valeur et de la monnaie dans la théorie de la régulation : critique et synthèse," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 12.
    3. Vaona, Andrea, 2015. "Price–price deviations are highly persistent," Structural Change and Economic Dynamics, Elsevier, vol. 33(C), pages 86-95.
    4. Cockshott, Paul & Zachariah, David, 2014. "Conservation laws, financial entropy and the Eurozone crisis," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 8, pages 1-55.
    5. 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.
    6. 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.
    7. 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.
    8. Andrea Vaona, 2014. "A panel data approach to price–value correlations," Empirical Economics, Springer, vol. 47(1), pages 21-34, August.
    9. 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.
    10. Andrea Vaona, 2012. "Price-price deviations are highly persistent - extended version," Working Papers 08/2012, University of Verona, Department of Economics.
    11. 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.
    12. 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.
    13. Anwar Shaikh, 2018. "Skilled Labor in the Classical tradition," Working Papers 1801, New School for Social Research, Department of Economics.
    14. repec:taf:revpoe:v:29:y:2017:i:1:p:111-132 is not listed on IDEAS
    15. Soklis, George, 2011. "Wage-profit curves of the Finnish economy: evidence from the supply and use tables," MPRA Paper 30183, University Library of Munich, Germany.
    16. 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.
    17. Tsoulfidis, Lefteris, 2018. "Ricardo’s Theory of Value is Still Alive and Well in Contemporary Capitalism," MPRA Paper 85822, University Library of Munich, Germany, revised 10 Apr 2018.
    18. Mariolis, Theodore & Tsoulfidis, Lefteris, 2010. "Eigenvalue distribution and the production price-profit rate relationship in linear single-product systems: theory and empirical evidence," MPRA Paper 43716, University Library of Munich, Germany.

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