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Exploitation and Profits: A General Axiomatic Approach in Convex Economies with Heterogeneous Agents

Author

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

Abstract

This paper provides an innovative axiomatic analysis of the notion of exploitation as the unequal exchange of labour, focusing on the relation between exploitation and profits. General convex economies with heterogeneous agents endowed with unequal amounts of physical and human capital are considered. An axiomatic characterisation of the class of definitions that preserve the Fundamental Marxian Theorem (FMT) in this general context is derived. It is shown that none of the main received definitions preserves the FMT. Instead, a definition related to the ‘New Interpretation’ (Dum?nil, 1980; Foley, 1982) is presented which preserves the FMT and allows one to generalise a number of key insights of exploitation theory to complex advanced economies.

Suggested Citation

  • Veneziani, Roberto & Yoshihara, Naoki & 吉原, 直毅 & ヨシハラ, ナオキ, 2010. "Exploitation and Profits: A General Axiomatic Approach in Convex Economies with Heterogeneous Agents," Discussion Paper Series a542, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:hituec:a542
    Note: This version: September 2010
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    2. 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.
    3. 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.

    More about this item

    Keywords

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    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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