IDEAS home Printed from https://ideas.repec.org/p/hit/hituec/684.html
   My bibliography  Save this paper

On the Ricardian Invariable Measure of Value in General Convex Economies

Author

Listed:
  • Kurose, Kazuhiro
  • Yoshihara, Naoki

Abstract

This study examines the possibility of an invariable measure of value when price changes induced by income redistribution between profit and wages take place in general convex economies. While Ricardo searched for an invariable measure of value with respect to changes in both the factor income distribution and the technique, Sraffa constructed a standard commodity serving as a measure of the change in a factor income distribution alone by leaving aside the possibility of changes in the size and composition of output and means of production. This study allows for the possibility that a change in factor income distribution involves a change in technique, and proposes an extension of Sraffa’s standard commodity. Then, we show that it serves as an invariable measure of value with respect to the income redistribution, even though it involves a change in technique. Finally, we examine whether the linear distributional relation is preserved.

Suggested Citation

  • Kurose, Kazuhiro & Yoshihara, Naoki, 2018. "On the Ricardian Invariable Measure of Value in General Convex Economies," Discussion Paper Series 684, Institute of Economic Research, Hitotsubashi University.
  • Handle: RePEc:hit:hituec:684
    as

    Download full text from publisher

    File URL: https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/29636/DP684.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Yoshihara, Naoki, 2010. "Class and exploitation in general convex cone economies," Journal of Economic Behavior & Organization, Elsevier, vol. 75(2), pages 281-296, August.
    2. Burmeister,Edwin, 1980. "Capital Theory and Dynamics," Cambridge Books, Cambridge University Press, number 9780521297035, December.
    3. Heinz D. Kurz & Neri Salvadori (ed.), 2015. "The Elgar Companion to David Ricardo," Books, Edward Elgar Publishing, number 13754.
    4. Pasinetti,Luigi, 1993. "Structural Economic Dynamics," Cambridge Books, Cambridge University Press, number 9780521432825, December.
    5. Burmeister, Edwin, 1975. "A Comment on "This Age of Leontief . . . and Who?"," Journal of Economic Literature, American Economic Association, vol. 13(2), pages 454-457, June.
    6. Fujimoto, T., 1979. "Nonlinear generalization of the Frobenius theorem : A symmetric approach," Journal of Mathematical Economics, Elsevier, vol. 6(1), pages 17-21, March.
    7. Robert M. Solow, 2014. "Comments on Scott Carter," Research in Political Economy, in: Research in Political Economy, volume 29, pages 63-67, Emerald Group Publishing Limited.
    8. Fujimoto, T., 1980. "Addendum to nonlinear generalization of the frobenius theorem," Journal of Mathematical Economics, Elsevier, vol. 7(2), pages 213-214, July.
    9. Samuelson, Paul A. & Etula, Erkko M., 2006. "Testing to confirm that Leontief-Sraffa matrix equations for input/output must obey constancy of returns to scale," Economics Letters, Elsevier, vol. 90(2), pages 183-188, February.
    10. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720, December.
    11. Flaschel, Peter, 1983. "Actual Labor Values in a General Model of Production," Econometrica, Econometric Society, vol. 51(2), pages 435-454, March.
    12. Garegnani, Pierangelo, 1984. "Value and Distribution in the Classical Economists and Marx," Oxford Economic Papers, Oxford University Press, vol. 36(2), pages 291-325, June.
    13. Burmeister, Edwin, 1977. "The Irrelevance of Sraffa's Analysis without Constant Returns to Scale," Journal of Economic Literature, American Economic Association, vol. 15(1), pages 68-70, March.
    14. Eatwell, John, 1977. "The Irrelevance of Returns to Scale in Sraffa's Analysis," Journal of Economic Literature, American Economic Association, vol. 15(1), pages 61-68, March.
    15. Burmeister, Edwin, 1984. "Sraffa, Labor Theories of Value, and the Economics of Real Wage Rate Determination," Journal of Political Economy, University of Chicago Press, vol. 92(3), pages 508-526, June.
    16. Roemer, John E, 1980. "A General Equilibrium Approach to Marxian Economics," Econometrica, Econometric Society, vol. 48(2), pages 505-530, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kurose, Kazuhiro & Yoshihara, Naoki, 2019. "On the Ricardian invariable measure of value in general convex economies," Structural Change and Economic Dynamics, Elsevier, vol. 51(C), pages 539-549.
    2. Kazuhiro Kurose & Naoki Yoshihara, 2013. "On the Ricardian Invariable Measure of Value in General Convex Economies: Applicability of the Standard Commodity," DSSR Discussion Papers 17, Graduate School of Economics and Management, Tohoku University.
    3. Kurose, Kazuhiro & Yoshihara, Naoki, 2014. "On the Ricardian Invariable Measure of Value: A General Possibility of the Standard Commodity," Discussion Paper Series 608, Institute of Economic Research, Hitotsubashi University.
    4. KUROSE, Kazuhiro, 2015. "The Structure of the Models of Structural Change and Kaldor's Facts: A Critical Survey," CCES Discussion Paper Series 59, Center for Research on Contemporary Economic Systems, Graduate School of Economics, Hitotsubashi University.
    5. Jonathan F. Cogliano, 2017. "Surplus Value Production and Realization in Marxian Theory - Applications to the U.S., 1987-2015," Working Paper Series 2017-01, Dickinson College, Department of Economics.
    6. 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.
    7. Yoshihara, Naoki & Veneziani, Roberto, 2013. "The Measurement of Labour Content: A General Approach," Discussion Paper Series 587, Institute of Economic Research, Hitotsubashi University.
    8. Jonathan F. Cogliano, 2021. "Marx's Equalized Rate of Exploitation," Working Papers 2021-01, University of Massachusetts Boston, Economics Department.
    9. Kurose, Kazuhiro, 2021. "Models of structural change and Kaldor’s facts: Critical survey from the Cambridge Keynesian perspective," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 267-277.
    10. Roberto Veneziani & Naoki Yoshihara, 2015. "Exploitation in economies with heterogeneous preferences, skills and assets: An axiomatic approach," Journal of Theoretical Politics, , vol. 27(1), pages 8-33, January.
    11. Harvey Gram, 2003. "Joan Robinson: classical revivalist or neoclassical critic?," Review of Political Economy, Taylor & Francis Journals, vol. 15(4), pages 493-508.
    12. Zolea, Riccardo, 2021. "The relation between interest rate and profit rate: the role of bank profitability in an endogenous money framework," MPRA Paper 108973, University Library of Munich, Germany.
    13. Bellino, Enrico & Nerozzi, Sebastiano, 2013. "Causality and interdependence in Pasinetti's works and in the modern classical approach," MPRA Paper 52179, University Library of Munich, Germany.
    14. 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.
    15. Veneziani, Roberto & Yoshihara, Naoki, 2014. "One million miles to go: taking the axiomatic road to defining exploitation," UMASS Amherst Economics Working Papers 2014-10, University of Massachusetts Amherst, Department of Economics.
    16. Roberto Veneziani & Naoki Yoshihara, 2017. "Globalisation and inequality in a dynamic economy: an axiomatic analysis of unequal exchange," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 49(3), pages 445-468, December.
    17. Kazuhiro Kurose, 2022. "A two-class economy from the multi-sectoral perspective: the controversy between Pasinetti and Meade–Hahn–Samuelson–Modigliani revisited," Evolutionary and Institutional Economics Review, Springer, vol. 19(1), pages 239-270, April.
    18. Naoki Yoshihara, 2017. "A Progress Report On Marxian Economic Theory: On The Controversies In Exploitation Theory Since Okishio (1963)," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1421-1448, December.
    19. Amartya Sen, 2003. "Sraffa, Wittgenstein, and Gramsci," Journal of Economic Literature, American Economic Association, vol. 41(4), pages 1240-1255, December.
    20. Avi J. Cohen, 2003. "Retrospectives: Whatever Happened to the Cambridge Capital Theory Controversies?," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 199-214, Winter.

    More about this item

    Keywords

    Ricardo’s invariable measure of value; Sraffa’s standard commodity; Linear relation of factor income distribution; General convex economies;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hit:hituec:684. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: https://edirc.repec.org/data/iehitjp.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Hiromichi Miyake (email available below). General contact details of provider: https://edirc.repec.org/data/iehitjp.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.