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Labour Values, Prices of Production and the Effects of Income Distribution: Evidence from the Greek Economy

Author

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  • Lefteris Tsoulfidis
  • Theodore Mariolis

Abstract

This paper explores the relationship between labour values, prices of production and changes in income distribution in an actual economy. For this purpose we use a linear model of production with circulating capital and homogeneous labour, assuming that wages are paid ex ante. On the basis of this model and data from input-output tables of the Greek economy for the period 1988-1997 we estimate the labour values and prices of production, which are normalized with the use of the Sraffian standard commodity and the actual output vector. Furthermore, we extend Steedman's polynomial approximation of prices of production to include the case where wages are paid ex ante and the accuracy of this approximation is tested with actual input-output data. Finally, we find that prices of production change as a result of hypothetical changes in income distribution more often than not in a monotonic way and in a few cases display curvatures that reverse the order between prices of production and values.

Suggested Citation

  • Lefteris Tsoulfidis & Theodore Mariolis, 2007. "Labour Values, Prices of Production and the Effects of Income Distribution: Evidence from the Greek Economy," Economic Systems Research, Taylor & Francis Journals, vol. 19(4), pages 425-437.
  • Handle: RePEc:taf:ecsysr:v:19:y:2007:i:4:p:425-437
    DOI: 10.1080/09535310701698548
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    Citations

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    Cited by:

    1. Theodore Mariolis, 2015. "Norm Bounds and A Homographic Approximation for the Wage–Profit Curve," Metroeconomica, Wiley Blackwell, vol. 66(2), pages 263-283, May.
    2. Mariolis, Theodore & Rodousakis, Nikolaos & Tsoulfidis, Lefteris, 2006. "The rate of profit in the Greek economy 1988-1997. an input-output analysis," MPRA Paper 35493, University Library of Munich, Germany.
    3. 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.
    4. Andrea Vaona, 2014. "A panel data approach to price–value correlations," Empirical Economics, Springer, vol. 47(1), pages 21-34, August.
    5. Iliadi, Fotoula & Mariolis, Theodore & Soklis, George & Tsoulfidis, Lefteris, 2012. "Bienenfeld’s approximation of production prices and eigenvalue distribution: some more evidence from five European economies," MPRA Paper 36282, University Library of Munich, Germany.
    6. Mariolis, Theodore, 2015. "Testing Bienenfeld’s Second-Order Approximation for the Wage-Profit Curve," MPRA Paper 68215, University Library of Munich, Germany.
    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. Mariolis, Theodore & Tsoulfidis, Lefteris, 2015. "Capital Theory ‘Paradoxes’ and Paradoxical Results: Resolved or Continued?," MPRA Paper 68214, University Library of Munich, Germany.
    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. Mariolis, Theodore & Tsoulfidis, Lefteris, 2010. "Measures of production price-labour value deviation and income distribution in actual economies: theory and empirical evidence," MPRA Paper 43718, University Library of Munich, Germany.
    12. Rodousakis, Nikolaos, 2010. "Testing Goodwin’s Growth Cycle Disaggregated Models: Evidence from the Input-Output Table of the Greek Economy for the Year 1988," MPRA Paper 24171, University Library of Munich, Germany.
    13. Mariolis, Theodore & Tsoulfidis, Lefteris, 2016. "Capital theory: Less is more," MPRA Paper 75923, University Library of Munich, Germany.
    14. Mariolis, Theodore & Tsoulfidis, Lefteris, 2018. "Less is More: Capital Theory and Almost Irregular-Uncontrollable Actual Economies," MPRA Paper 84214, University Library of Munich, Germany.

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