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The labor theory of value has been rejected by Morishima on the grounds that it would be incompatible with joint … production, as well as the way they relate to the real world. For Morishima, the labor theory of value is a particular case of … Sraffa's theory of production prices; it is recalled that in Sraffa's treatment of joint production the occurrence of …
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In an economy with imperfect labor contracts, differences in the distribution of talent can be an independent source of comparative advantage. I study a world economy with two activities, one in which an individual's contribution to production can be measured accurately and another in which...
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