Strong Subjectivism in the Marxian Theory of Exploitation: A Critique
This paper critically analyses the strongly subjectivist approach to exploitation theory recently proposed by Matsuo (), in the context of general convex economies with heterogeneous agents. It is proved that the Fundamental Marxian Theorem is not preserved in his subjectivist approach, contrary to Matsuo's claims, and that no meaningful subjectivist exploitation index can be constructed. It is argued that a minimal objectivism is necessary in exploitation theory, whereby subjective preferences do not play a direct, definitional role. An alternative objectivist approach is briefly analysed, which is related to the 'New Interpretation' (; ). It is argued that it captures the core intuitions of exploitation theory and it provides appropriate indices of individual and aggregate exploitation. Further, it is shown that it preserves the FMT in general economies.
|Date of creation:||Dec 2009|
|Contact details of provider:|| Postal: London E1 4NS|
Phone: +44 (0) 20 7882 5096
Fax: +44 (0) 20 8983 3580
Web page: http://www.econ.qmul.ac.uk
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Morishima, Michio, 1974. "Marx in the Light of Modern Economic Theory," Econometrica, Econometric Society, vol. 42(4), pages 611-632, July.
- Yoshihara, Naoki, 2010.
"Class and exploitation in general convex cone economies,"
Journal of Economic Behavior & Organization,
Elsevier, vol. 75(2), pages 281-296, August.
- Yoshihara, Naoki, 2007. "Class and Exploitation in General Convex Cone Economies," Discussion Paper Series a489, Institute of Economic Research, Hitotsubashi University.
- Veneziani, Roberto & Yoshihara, Naoki, 2009. "Objectivist versus Subjectivist Approaches to the Marxian Theory of Exploitation," Discussion Paper Series a514, Institute of Economic Research, Hitotsubashi University.
- Roberto Veneziani, 2004. "The Temporal Single-system Interpretation of Marx's Economics: A Critical Evaluation," Metroeconomica, Wiley Blackwell, vol. 55(1), pages 96-114, February.
- Veneziani, Roberto, 2007. "Exploitation and time," Journal of Economic Theory, Elsevier, vol. 132(1), pages 189-207, January.
- Simon Mohun, 2004. "The Labour Theory of Value as Foundation for Empirical Investigations," Metroeconomica, Wiley Blackwell, vol. 55(1), pages 65-95, February.
- Takao Fujimoto & Arrigo Opocher, 2010. "Commodity Content In A General Input-Output Model," Metroeconomica, Wiley Blackwell, vol. 61(3), pages 442-453, July. Full references (including those not matched with items on IDEAS)