Strong Subjectivism in the Marxian Theory of Exploitation: A Critique
This paper critically analyses the strongly subjectivist approach to exploitation theory recently proposed by Matsuo (), in the context of general convex economies with heterogeneous agents. It is proved that the Fundamental Marxian Theorem is not preserved in his subjectivist approach, contrary to Matsuo’s claims, and that no meaningful subjectivist exploitation index can be constructed. It is argued that a minimal objectivism is necessary in exploitation theory, whereby subjective preferences do not play a direct, definitional role. An alternative objectivist approach is briefly analysed, which is related to the ‘New Interpretation’ (; ). It is argued that it captures the core intuitions of exploitation theory and it provides appropriate indices of individual and aggregate exploitation. Further, it is shown that it preserves the FMT in general economies.
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- Yoshihara, Naoki, 2007. "Class and Exploitation in General Convex Cone Economies," Discussion Paper Series a489, Institute of Economic Research, Hitotsubashi University.
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- Veneziani, Roberto & Yoshihara, Naoki, 2009. "Objectivist versus Subjectivist Approaches to the Marxian Theory of Exploitation," Discussion Paper Series a514, Institute of Economic Research, Hitotsubashi University.
- Simon Mohun, 2004. "The Labour Theory of Value as Foundation for Empirical Investigations," Metroeconomica, Wiley Blackwell, vol. 55(1), pages 65-95, 02.
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