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Exploitation of Labour and Exploitation of Commodities: A "New Interpretation"

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  • Yoshihara, Naoki
  • 吉原, 直毅
  • ヨシハラ, ナオキ
  • Roberto Veneziani

Abstract

In the standard Okishio-Morishima approach, the existence of profits is proved to be equivalent to the exploitation of labour. Yet, it can also be proved that the existence of profits is equivalent to the ‘exploitation’ of any good. Labour and commodity exploitation are just different numerical representations of the productiveness of the economy. This paper presents an alternative approach to exploitation theory which is related to the New Interpretation (Duménil 1980; Foley 1982). In this approach, labour exploitation captures unequal social relations among producers. The equivalence between the existence of profits and labour exploitation holds, whereas it is proved that there is no relation between profits and commodity ‘exploitation’.

Suggested Citation

  • Yoshihara, Naoki & 吉原, 直毅 & ヨシハラ, ナオキ & Roberto Veneziani, 2011. "Exploitation of Labour and Exploitation of Commodities: A "New Interpretation"," Discussion Paper Series 556, Institute of Economic Research, Hitotsubashi University.
  • Handle: RePEc:hit:hituec:556
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    File URL: https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/19455/DP556.pdf
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    References listed on IDEAS

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    1. Takao Fujimoto & Arrigo Opocher, 2010. "Commodity Content In A General Input–Output Model: A Reply To Bellino, Yoshihara And Veneziani," Metroeconomica, Wiley Blackwell, vol. 61(4), pages 754-758, November.
    2. Morishima, Michio, 1974. "Marx in the Light of Modern Economic Theory," Econometrica, Econometric Society, vol. 42(4), pages 611-632, July.
    3. Yoshihara, Naoki, 2010. "Class and exploitation in general convex cone economies," Journal of Economic Behavior & Organization, Elsevier, vol. 75(2), pages 281-296, August.
    4. Roberto Veneziani & Naoki Yoshihara, 2010. "Exploitation and Profits: A General Axiomatic Approach in Convex Economies with Heterogeneous Agents," UMASS Amherst Economics Working Papers 2010-12, University of Massachusetts Amherst, Department of Economics.
    5. Herbert Gintis & Samuel Bowles, 1981. "Structure and Practice in the Labor Theory of Value," Review of Radical Political Economics, Union for Radical Political Economics, vol. 12(4), pages 1-26, January.
    6. Yoshihara, Naoki & 吉原, 直毅 & ヨシハラ, ナオキ & Veneziani, Roberto, 2009. "Exploitation as the Unequal Exchange of Labour : An Axiomatic Approach," Discussion Paper Series a524, Institute of Economic Research, Hitotsubashi University.
    7. Naoki Yoshihara & Roberto Veneziani, 2010. "Commodity Content In A General Input–Output Model: A Comment," Metroeconomica, Wiley Blackwell, vol. 61(4), pages 740-748, November.
    8. Yoshihara, Naoki & Veneziani, Roberto, 2011. "Profits and Exploitation: A Reappraisal," Discussion Paper Series a549, Institute of Economic Research, Hitotsubashi University.
    9. Naoki Yoshihara & Roberto Veneziani, 2009. "Exploitation as the Unequal Exchange of Labour: An Axiomatic Approach," Working Papers 655, Queen Mary University of London, School of Economics and Finance.
    10. 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," Working Papers 704, Queen Mary University of London, School of Economics and Finance.
    2. Roberto Veneziani & Naoki Yoshihara, 2015. "Unequal Exchange, Assets, and Power: Recent Developments in Exploitation Theory," Studies in Choice and Welfare, in: Constanze Binder & Giulio Codognato & Miriam Teschl & Yongsheng Xu (ed.), Individual and Collective Choice and Social Welfare, edition 127, pages 253-287, Springer.

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    More about this item

    Keywords

    Exploitation; Profits; Generalised Commodity Exploitation Theorem; New Interpretation;
    All these keywords.

    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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