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Testing Marx with Input Output Tables


  • W. P. Cockshott

    (University of Glasgow)

  • A. Cottrell

    (Wake Forest University)

  • G. Michaelson

    (Heriot Watt University)


The paper describes an attempt to use the British Input Output tables and other computer readable British Economic statistics to test hypotheses about the labour theory of value. Inversion of the I/O matrices is used to obtain estimates of values for commodity groups and the correlations between these and prices are computed. The results show a very high level of correlation between values and prices.

Suggested Citation

  • W. P. Cockshott & A. Cottrell & G. Michaelson, 2004. "Testing Marx with Input Output Tables," Method and Hist of Econ Thought 0406002, University Library of Munich, Germany.
  • Handle: RePEc:wpa:wuwpmh:0406002
    Note: Type of Document - pdf; pages: 19

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    labour theory of value; Marx; Ricardo;

    JEL classification:

    • B - Schools of Economic Thought and Methodology

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