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Profits and Exploitation: A Reappraisal

Author

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  • Yoshihara, Naoki
  • Veneziani, Roberto

Abstract

This paper provides a mathematical analysis of the Marxian theory of the exploitation of labour in general equilibrium models. The two main definitions of Marxian exploitation in the literature, proposed by Morishima (1974) and Roemer (1982), respectively, are analysed in the context of general convex economies. It is shown that, contrary to the received view, in general these definitions do not preserve the so-called Fundamental Marxian Theorem (FMT), which states that the exploitation of labour is synonymous with positive profits. A new definition of Marxian labor exploitation is proposed, which is shown to preserve the FMT in general convex economies, in equilibrium.

Suggested Citation

  • Yoshihara, Naoki & Veneziani, Roberto, 2011. "Profits and Exploitation: A Reappraisal," Discussion Paper Series a549, Institute of Economic Research, Hitotsubashi University.
  • Handle: RePEc:hit:hituec:a549
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    File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/19115/1/DP549.pdf
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    Cited by:

    1. 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.

    More about this item

    Keywords

    exploitation; profits; reproducible solutions;

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian

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