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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. Roemer,John E., 1997. "Egalitarian Perspectives," Cambridge Books, Cambridge University Press, number 9780521574457, April.
    3. Gilbert Skillman, 2014. "Capitalist exploitation without capitalist production: The consequences of imperfect contracting," Journal of Theoretical Politics, , vol. 26(4), pages 629-652, October.
    4. Yoshihara, Naoki, 2010. "Class and exploitation in general convex cone economies," Journal of Economic Behavior & Organization, Elsevier, vol. 75(2), pages 281-296, August.
    5. Roberto Veneziani, 2013. "Exploitation, inequality and power," Journal of Theoretical Politics, , vol. 25(4), pages 526-545, October.
    6. Roemer,John E., 1994. "Egalitarian Perspectives," Cambridge Books, Cambridge University Press, number 9780521450669, April.
    7. Marc Fleurbaey, 2014. "The facets of exploitation," Journal of Theoretical Politics, , vol. 26(4), pages 653-676, October.
    8. Yoshihara, Naoki & Veneziani, Roberto, 2009. "Exploitation as the Unequal Exchange of Labour : An Axiomatic Approach," Discussion Paper Series a524, Institute of Economic Research, Hitotsubashi University.
    9. Morishima, Michio, 1974. "Marx in the Light of Modern Economic Theory," Econometrica, Econometric Society, vol. 42(4), pages 611-632, July.
    10. Naoki Yoshihara, 1998. "Wealth, Exploitation and Labor Discipline in the Contemporary Capitalist Economy," Metroeconomica, Wiley Blackwell, vol. 49(1), pages 23-61, February.
    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. Veneziani, Roberto & Yoshihara, Naoki, 2014. "One Million Miles to Go: Taking the Axiomatic Road to Defining Exploitation," Discussion Paper Series 615, Institute of Economic Research, Hitotsubashi University.
    13. Takao Fujimoto & Yukihiko Fujita, 2008. "A Refutation Of The Commodity Exploitation Theorem," Metroeconomica, Wiley Blackwell, vol. 59(3), pages 530-540, July.
    14. Herbert Gintis & Samuel Bowles, 1981. "Structure and Practice in the Labor Theory of Value," Review of Radical Political Economics, Union for Radical Political Economics, vol. 12(4), pages 1-26, January.
    15. 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.
    16. repec:ums:papers:2014-010 is not listed on IDEAS
    17. John E. Roemer, 2010. "Kantian Equilibrium," Scandinavian Journal of Economics, Wiley Blackwell, vol. 112(1), pages 1-24, March.
    18. Veneziani, Roberto, 2007. "Exploitation and time," Journal of Economic Theory, Elsevier, vol. 132(1), pages 189-207, January.
    19. Duncan K. Foley, 1982. "The Value of Money the Value of Labor Power and the Marxian Transformation Problem," Review of Radical Political Economics, Union for Radical Political Economics, vol. 14(2), pages 37-47, June.
    20. 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.
    21. John E. Roemer, 2015. "On the problem of socialist economic design," Journal of Theoretical Politics, , vol. 27(1), pages 34-42, January.
    22. 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.
    23. 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.
    24. 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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    Citations

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    Cited by:

    1. Naoki Yoshihara & Roberto Veneziani, 2013. "The Measurement of Labour Content: A General Approach," Working Papers 704, Queen Mary University of London, School of Economics and Finance.
    2. Yoshihara, Naoki & Veneziani, Roberto, 2018. "The Theory Of Exploitation As The Unequal Exchange Of Labour," Economics and Philosophy, Cambridge University Press, vol. 34(03), pages 381-409, November.
    3. Galanis, Giorgos & Veneziani, Roberto & Yoshihara, Naoki, 2018. "The Dynamics of Exploitation and Inequality in Economies with Heterogeneous Agents," Discussion Paper Series 679, Institute of Economic Research, Hitotsubashi University.
    4. Galanis, Giorgos & Veneziani, Roberto & Yoshihara, Naoki, 2016. "Growth, Exploitation and Class Inequalities," Discussion Paper Series 636, Institute of Economic Research, Hitotsubashi University.
    5. Soh Kaneko & Naoki Yoshihara, 2018. "On the General Impossibility of Persistent Unequal Exchange Free Trade Equilibria in the Pre-industrial World Economy," Working Papers SDES-2018-19, Kochi University of Technology, School of Economics and Management, revised Dec 2018.
    6. 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.

    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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