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A progress report on Marxian economic theory: On the controversies in exploitation theory since Okishio (1963)

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  • Naoki Yoshihara

    () (Department of Economics, University of Massachusetts Amherst)

Abstract

This report explores the development of exploitation theory in mathematical Marxian economics by reviewing the main controversies surrounding the proper definition of exploitation since the contribution of Okishio (1963). The report first examines the debates on the Fundamental Marxian Theorem and Class-Exploitation Correspondence Principle, developed mainly in the 1970s and 1980s, followed by the property relation theory of exploitation by Roemer (1982). Then, the more recent exploitation theory proposed by Vrousalis (2013) and Wright (2000) is introduced. Finally, the report introduces and comments on recent axiomatic studies of exploitation by focusing on the work of Veneziani and Yoshihara (2015a).

Suggested Citation

  • Naoki Yoshihara, 2016. "A progress report on Marxian economic theory: On the controversies in exploitation theory since Okishio (1963)," Working Papers SDES-2016-3, Kochi University of Technology, School of Economics and Management, revised Apr 2016.
  • Handle: RePEc:kch:wpaper:sdes-2016-3
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    File URL: http://www.souken.kochi-tech.ac.jp/seido/wp/SDES-2016-3.pdf
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    References listed on IDEAS

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    1. Roberto Veneziani & Naoki Yoshihara, 2011. "Strong Subjectivism In The Marxian Theory Of Exploitation: A Critique," Metroeconomica, Wiley Blackwell, vol. 62(1), pages 53-68, February.
    2. Roberto Veneziani, 2013. "Exploitation, inequality and power," Journal of Theoretical Politics, , vol. 25(4), pages 526-545, October.
    3. Marc Fleurbaey, 2014. "The facets of exploitation," Journal of Theoretical Politics, , vol. 26(4), pages 653-676, October.
    4. Morishima, Michio, 1974. "Marx in the Light of Modern Economic Theory," Econometrica, Econometric Society, vol. 42(4), pages 611-632, July.
    5. Yoshihara, Naoki, 2010. "Class and exploitation in general convex cone economies," Journal of Economic Behavior & Organization, Elsevier, vol. 75(2), pages 281-296, August.
    6. Veneziani, Roberto, 2007. "Exploitation and time," Journal of Economic Theory, Elsevier, vol. 132(1), pages 189-207, January.
    7. Bowles, Samuel & Gintis, Herbert, 1977. "The Marxian Theory of Value and Heterogeneous Labour: A Critique and Reformulation," Cambridge Journal of Economics, Oxford University Press, vol. 1(2), pages 173-192, June.
    8. John E. Roemer, 2015. "On the problem of socialist economic design," Journal of Theoretical Politics, , vol. 27(1), pages 34-42, January.
    9. Naoki Yoshihara & Roberto Veneziani, 2013. "Exploitation of Labor and Exploitation of Commodities," Review of Radical Political Economics, Union for Radical Political Economics, vol. 45(4), pages 517-524, December.
    10. Gilbert Skillman, 2014. "Capitalist exploitation without capitalist production: The consequences of imperfect contracting," Journal of Theoretical Politics, , vol. 26(4), pages 629-652, October.
    11. Ulrich Krause, 1981. "Heterogeneous Labour and the Fundamental Marxian Theorem," Review of Economic Studies, Oxford University Press, vol. 48(1), pages 173-178.
    12. Bowles, Samuel & Gintis, Herbert, 1978. "Professor Morishima on Heterogeneous Labour and Marxian Value Theory," Cambridge Journal of Economics, Oxford University Press, vol. 2(3), pages 311-314, September.
    13. John E. Roemer, 2010. "Kantian Equilibrium," Scandinavian Journal of Economics, Wiley Blackwell, vol. 112(1), pages 1-24, March.
    14. Roemer John E. & Silvestre Joaquim, 1993. "The Proportional Solution for Economies with Both Private and Public Ownership," Journal of Economic Theory, Elsevier, vol. 59(2), pages 426-444, April.
    15. Roemer, John E, 1980. "A General Equilibrium Approach to Marxian Economics," Econometrica, Econometric Society, vol. 48(2), pages 505-530, March.
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    Cited by:

    1. Naoki Yoshihara & Roberto Veneziani, 2013. "The Measurement of Labour Content: A General Approach," UMASS Amherst Economics Working Papers 2013-05, University of Massachusetts Amherst, Department of Economics.
    2. 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.
    3. Veneziani, Roberto & Yoshihara, Naoki, 2016. "The Theory of Exploitation as the Unequal Exchange of Labour," Discussion Paper Series 652, Institute of Economic Research, Hitotsubashi University.

    More about this item

    Keywords

    Proper Definitions of UE Exploitation; Property Relations Definition of Exploitation; Profit-Exploitation Correspondence Principle;

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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