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Exploitation of Labour and Exploitation of Commodities: a “New Interpretation”

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  • Veneziani, Roberto
  • Yoshihara, Naoki

Abstract

In the standard Okishio-Morishima approach, the existence of profits is proved to be equivalent to the exploitation of labour. Yet, it can also be proved that the existence of profits is equivalent to the ‘exploitation’ of any good. Labour and commodity exploitation are just different numerical representations of the productiveness of the economy. This paper presents an alternative approach to exploitation theory which is related to the New Interpretation (Duménil 1980; Foley 1982). In this approach, labour exploitation captures unequal social relations among producers. The equivalence between the existence of profits and labour exploitation holds, whereas it is proved that there is no relation between profits and commodity ‘exploitation’.

Suggested Citation

  • Veneziani, Roberto & Yoshihara, Naoki, 2011. "Exploitation of Labour and Exploitation of Commodities: a “New Interpretation”," MPRA Paper 34650, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:34650
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    File URL: https://mpra.ub.uni-muenchen.de/34650/1/MPRA_paper_34650.pdf
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    References listed on IDEAS

    as
    1. Takao Fujimoto & Arrigo Opocher, 2010. "Commodity Content In A General Input-Output Model: A Reply To Bellino, Yoshihara And Veneziani," Metroeconomica, Wiley Blackwell, vol. 61(4), pages 754-758, November.
    2. Morishima, Michio, 1974. "Marx in the Light of Modern Economic Theory," Econometrica, Econometric Society, vol. 42(4), pages 611-632, July.
    3. Yoshihara, Naoki, 2010. "Class and exploitation in general convex cone economies," Journal of Economic Behavior & Organization, Elsevier, vol. 75(2), pages 281-296, August.
    4. 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.
    5. 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.
    6. Takao Fujimoto & Arrigo Opocher, 2010. "Commodity Content In A General Input-Output Model," Metroeconomica, Wiley Blackwell, vol. 61(3), pages 442-453, July.
    7. Naoki Yoshihara & Roberto Veneziani, 2010. "Commodity Content In A General Input-Output Model: A Comment," Metroeconomica, Wiley Blackwell, vol. 61(4), pages 740-748, November.
    8. Yoshihara, Naoki & Veneziani, Roberto, 2011. "Profits and Exploitation: A Reappraisal," Discussion Paper Series a549, Institute of Economic Research, Hitotsubashi University.
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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. Veneziani, Roberto & Yoshihara, Naoki, 2013. "Unequal Exchange, Assets, and Power: Recent Developments in Exploitation Theory," Discussion Paper Series 594, Institute of Economic Research, Hitotsubashi University.

    More about this item

    Keywords

    Exploitation; Profits; Generalised Commodity Exploitation Theorem; New Interpretation;

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory

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