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Monetary Expressions of Labor Time and Market Prices: Theory and Evidence from China, Japan and Korea

Listed author(s):
  • Tsoulfidis, Lefteris
  • Paitaridis, Dimitris

This paper presents estimates of labor values and prices of production following two approaches: The first, based on the classical and Marxian theory of value and distribution; while, the second is based on the so-called new solution to the transformation problem and its variant the Temporary Single-System Interpretation (TSSI). The major advantage of the latter approach is its simplicity along with the relatively low data requirements. Our empirical findings from the economies of China, Japan and South Korea suggest that both approaches give estimates of labor values and prices of production which are extremely close to each other as well as to actual market prices. On further examination, however, we conclude that our empirical findings are absolutely consistent with the theoretical requirements of the classical approach and contradict those of the TSSI.

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File URL: https://mpra.ub.uni-muenchen.de/72202/1/MPRA_paper_72202.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 72202.

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Date of creation: 25 Jun 2016
Handle: RePEc:pra:mprapa:72202
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  1. Ochoa, Eduardo M, 1989. "Values, Prices, and Wage-Profit Curves in the U.S. Economy," Cambridge Journal of Economics, Oxford University Press, vol. 13(3), pages 413-429, September.
  2. Andrew J. Kliman, 2002. "The law of value and laws of statistics: sectoral values and prices in the US economy, 1977--97," Cambridge Journal of Economics, Oxford University Press, vol. 26(3), pages 299-311, May.
  3. Everlam Elias Montibeler & César Sánchez, 2014. "The Labour Theory Of Value And Theprices In China: Methodology And Analysis," Anais do XL Encontro Nacional de Economia [Proceedings of the 40th Brazilian Economics Meeting] 014, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  4. Shaikh, Anwar, 2016. "Capitalism: Competition, Conflict, Crises," OUP Catalogue, Oxford University Press, number 9780199390632.
  5. Lefteris Tsoulfidis & Theodore Mariolis, 2007. "Labour Values, Prices of Production and the Effects of Income Distribution: Evidence from the Greek Economy," Economic Systems Research, Taylor & Francis Journals, vol. 19(4), pages 425-437.
  6. Mariolis, Theodore & Tsoulfidis, Lefteris, 2010. "Measures of production price-labour value deviation and income distribution in actual economies: theory and empirical evidence," MPRA Paper 43718, University Library of Munich, Germany.
  7. Lefteris Tsoulfidis, 2002. "Values, prices of production and market prices: some more evidence from the Greek economy," Cambridge Journal of Economics, Oxford University Press, vol. 26(3), pages 359-369, May.
  8. W. Paul Cockshott & Allin Cottrell, 2005. "Robust correlations between prices and labour values: a comment," Cambridge Journal of Economics, Oxford University Press, vol. 29(2), pages 309-316, March.
  9. Steedman, Ian & Tomkins, Judith, 1998. "On Measuring the Deviation of Prices from Values," Cambridge Journal of Economics, Oxford University Press, vol. 22(3), pages 379-385, May.
  10. Cockshott, W Paul & Cottrell, Allin F, 1997. "Labour Time versus Alternative Value Bases: A Research Note," Cambridge Journal of Economics, Oxford University Press, vol. 21(4), pages 545-549, July.
  11. Marcel P. Timmer & Erik Dietzenbacher & Bart Los & Robert Stehrer & Gaaitzen J. Vries, 2015. "An Illustrated User Guide to the World Input–Output Database: the Case of Global Automotive Production," Review of International Economics, Wiley Blackwell, vol. 23(3), pages 575-605, 08.
  12. Theodore Mariolis & Lefteris Tsoulfidis, 2010. "Measures Of Production Price-Labour Value Deviation And Income Distribution In Actual Economies: A Note," Metroeconomica, Wiley Blackwell, vol. 61(4), pages 701-710, November.
  13. Petrovic, Pavle, 1987. "The Deviation of Production Prices from Labour Values: Some Methodology and Empirical Evidence," Cambridge Journal of Economics, Oxford University Press, vol. 11(3), pages 197-210, September.
  14. Simon Mohun, 2004. "The Labour Theory of Value as Foundation for Empirical Investigations," Metroeconomica, Wiley Blackwell, vol. 55(1), pages 65-95, 02.
  15. Lefteris Tsoulfidis, 2008. "Price-value deviations: further evidence from input-output data of Japan," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(6), pages 707-724.
  16. 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.
  17. Theodore Mariolis & Lefteris Tsoulfidis, 2009. "Decomposing the Changes in Production Prices into "Capital-Intensity" and "Price" Effects: Theory and Evidence from the Chinese Economy ," Contributions to Political Economy, Oxford University Press, vol. 28(1), pages 1-22.
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