This paper critically analyses the strongly subjectivist approach to exploitation theory recently proposed by Matsuo ([7]), 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,...

This article demonstrates relationships that are transparent in Sraffa's standard system hold even when relative rates of profit vary persistently among industries. Even with such variations, total constant capital, total variable capital, total surplus value, and the rate of profits are...

This paper highlights the separation between surplus value production and realization in Marx's work. A new method of estimating surplus value production at the industry level is proposed and implemented. Marx's procedure of transforming labor values into prices of production shows that...

Marx's justification of his theory of surplus value in the face of unequal compositions of capital, by interpreting total profits as a redistribution of surplus value, is not correct in general. However, it is shown here that the equality holds if the input matrices are random and the labour...

French Abstract: Dans cet article nous montrons d'abord que, contrairement à un résultat de Sraffa, il est possible - sous certaines conditions - de définir plusieurs marchandises homothétiques sur la base du même système de production originel. Cela nous permet de montrer que le prix...

The Marxian labour theory of value considers labour as the only substance of value. The generalized commodity exploitation theorem (GCET) purports to demonstrate that many other commodities can be substances of value. This note argues that the GCET is based on two conceptual aws: (a) failure to...

Neoclassical tools of marginalism and profit maximization are used to measure labor's surplus value. Recent empirical estimates of a firm's wage elasticity of labor supply imply a surplus so large that the value of labor may exceed the total value of a firm's production. Labor value in excess of...

In this paper, we show that Sraffa’s prices are consistent with Marx’s analysis of the form of circulation of capital (Money–Commodities–Money) and his theory of the creation of new value by labour in the production process. On the contrary, according to many neo-Ricardian and Marxist...

This paper is a revised version of a discussion with Nobel laureate Vernon Smith on the limits of neoclassical theory and on the opportunity to recover the alternative approach of classical economists and Marx. Vernon Smith is certainly right to insist on the heuristic force of the classical...

This paper examines heterodox theories of the determinants of the value of money. Orthodox approaches that tie money's value to relative scarcity of money or to the price level are rejected as inconsistent with the monetary theory of production embraced by heterodox traditions linked to Marx,...