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

  • Yoshihara, Naoki
  • Roberto Veneziani

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’.

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File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/19455/1/DP556.pdf
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Paper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number 556.

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Length: 13 p.
Date of creation: Nov 2011
Date of revision:
Handle: RePEc:hit:hituec:556
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  1. Veneziani, Roberto & Yoshihara, Naoki, 2010. "Exploitation and Profits: A General Axiomatic Approach in Convex Economies with Heterogeneous Agents," Discussion Paper Series 542, Institute of Economic Research, Hitotsubashi University.
  2. Yoshihara, Naoki & Veneziani, Roberto, 2009. "Exploitation as the Unequal Exchange of Labour: An Axiomatic Approach," CCES Discussion Paper Series 23, Center for Research on Contemporary Economic Systems, Graduate School of Economics, Hitotsubashi University.
  3. Yoshihara, Naoki & Veneziani, Roberto, 2011. "Profits and Exploitation: A Reappraisal," Discussion Paper Series a549, Institute of Economic Research, Hitotsubashi University.
  4. Takao Fujimoto & Arrigo Opocher, 2010. "Commodity Content In A General Input-Output Model," Metroeconomica, Wiley Blackwell, vol. 61(3), pages 442-453, 07.
  5. Morishima, Michio, 1974. "Marx in the Light of Modern Economic Theory," Econometrica, Econometric Society, vol. 42(4), pages 611-32, July.
  6. 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.
  7. 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.
  8. Yoshihara, Naoki, 2010. "Class and exploitation in general convex cone economies," Journal of Economic Behavior & Organization, Elsevier, vol. 75(2), pages 281-296, August.
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