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Robust correlations between prices and labour values: a comment


  • W. Paul Cockshott
  • Allin Cottrell


The paper addresses Kliman's criticisms of the observed correlations between prices and labour values. It argues that the notion of spurious correlation is not relevant in this case. It examines Kliman's own simulations and shows that his statistical correction techniques involve dividing through by the signal to leave the noise. Copyright 2005, Oxford University Press.

Suggested Citation

  • W. Paul Cockshott & Allin Cottrell, 2005. "Robust correlations between prices and labour values: a comment," Cambridge Journal of Economics, Oxford University Press, vol. 29(2), pages 309-316, March.
  • Handle: RePEc:oup:cambje:v:29:y:2005:i:2:p:309-316

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    References listed on IDEAS

    1. Deirdre N. McCloskey & Stephen T. Ziliak, 1996. "The Standard Error of Regressions," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 97-114, March.
    2. B. Reddaway, 1995. "Recollections of a lucky economist," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 48(192), pages 3-16.
    3. Ajit Singh, 2005. "Globalisation And The Regulation Of Fdi: New Proposals From The European Community And Japan," Contributions to Political Economy, Oxford University Press, vol. 24(1), pages 99-121, August.
    4. W.B. Reddaway, 1937. "The General Theory Of Employment, Interest And Money," The Economic Record, The Economic Society of Australia, vol. 12(1-2), pages 28-36, June.
    5. Padma Desai, 1963. "The Development Of The Indian Economy: An Exercise In Economic Planning," Oxford Economic Papers, Oxford University Press, vol. 15(3), pages 308-317.
    6. B. Reddaway, 1995. "Recollections of a lucky economist," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 48(192), pages 3-16.
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    Cited by:

    1. 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.
    2. 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.
    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:taf:revpoe:v:29:y:2017:i:1:p:111-132 is not listed on IDEAS
    5. 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.

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