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Commodity Content in a General Input-Output Model: A Comment


  • Yoshihara, Naoki
  • Veneziani, Roberto


This paper critically analyses the approach to the determination of values, or commodity contents, developed by Fujimoto and Opocher (2009). Even setting aside various problematic definitional issues, the broader implications of the approach for classical theory are unclear. First, the value-theoretic definitions of skill differentials and bads capture at best necessary conditions and it is unlikely that such definitions can be provided by focusing only on the technological data of the economy. Second, the approach has various interesting implications concerning the relation between productivity and exploitation that directly contradict some of the authors’claims.

Suggested Citation

  • Yoshihara, Naoki & Veneziani, Roberto, 2009. "Commodity Content in a General Input-Output Model: A Comment," CCES Discussion Paper Series 22, Center for Research on Contemporary Economic Systems, Graduate School of Economics, Hitotsubashi University.
  • Handle: RePEc:hit:ccesdp:22

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    References listed on IDEAS

    1. Morishima, Michio, 1974. "Marx in the Light of Modern Economic Theory," Econometrica, Econometric Society, vol. 42(4), pages 611-632, July.
    2. Yoshihara, Naoki, 2010. "Class and exploitation in general convex cone economies," Journal of Economic Behavior & Organization, Elsevier, vol. 75(2), pages 281-296, August.
    3. 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.
    4. Roberto Veneziani, 2004. "The Temporal Single-system Interpretation of Marx's Economics: A Critical Evaluation," Metroeconomica, Wiley Blackwell, vol. 55(1), pages 96-114, February.
    5. Veneziani, Roberto, 2007. "Exploitation and time," Journal of Economic Theory, Elsevier, vol. 132(1), pages 189-207, January.
    6. Simon Mohun, 2004. "The Labour Theory of Value as Foundation for Empirical Investigations," Metroeconomica, Wiley Blackwell, vol. 55(1), pages 65-95, February.
    7. Takao Fujimoto & Arrigo Opocher, 2010. "Commodity Content In A General Input-Output Model," Metroeconomica, Wiley Blackwell, vol. 61(3), pages 442-453, July.
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    Cited by:

    1. Naoki Yoshihara & Roberto Veneziani, 2013. "The Measurement of Labour Content: A General Approach," UMASS Amherst Economics Working Papers 2013-05, University of Massachusetts Amherst, Department of Economics.
    2. Yoshihara, Naoki & Roberto Veneziani, 2011. "Exploitation of Labour and Exploitation of Commodities: A "New Interpretation"," Discussion Paper Series 556, Institute of Economic Research, Hitotsubashi University.
    3. Veneziani, Roberto & Yoshihara, Naoki, 2009. "Exploitation and productiveness: the generalised commodity exploitation theorem once again," MPRA Paper 30450, University Library of Munich, Germany.

    More about this item


    Value; Bads; Skilled and Unskilled Labour; Productivity and Exploitation;

    JEL classification:

    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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