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This paper is the first part of a Marxian critique of the theory of the firm, focusing on the analysis of labour values. Starting from Adam Smith's example of the deer hunter, marginal analysis is introduced, culminating in the derivation of the Labour Value Function, as the supply curve of the...
Persistent link: https://www.econbiz.de/10013153675
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...
Persistent link: https://www.econbiz.de/10012861262
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...
Persistent link: https://www.econbiz.de/10012988576
This paper presents the results of an empirical exploration, with data from countries worldwide, of Sraffian, Marxian, and classical political economy. Income distribution, as associated with systems of prices of production, fails to describe many economies. Economies in most countries or...
Persistent link: https://www.econbiz.de/10013044541
the sectoral rates of exploitation along with the sectoral monetary expressions of labor time. Our data indicate the … possibility that the expansion of unproductive activities, accompanied by intensification of exploitation within the unproductive …
Persistent link: https://www.econbiz.de/10011819438
This paper presents the results of an empirical exploration of data from countries worldwide. Income distribution, as associated with the system of prices of production, fails to describe many economies. Economies in most countries or regions lie near their wage-rate of profits frontier, when...
Persistent link: https://www.econbiz.de/10012998004
theoretically relevant to capital accumulation. Essentially, there is no solid ground for Marxism, of various sorts, to claim that …. And as this paper demonstrates, this problem affects theories that are using Marxism to explain the economic value of …
Persistent link: https://www.econbiz.de/10011753732
Persistent link: https://www.econbiz.de/10011974825
Persistent link: https://www.econbiz.de/10014576051
In this paper we review recent developments in axiomatic studies of Marxian exploitation theory. First, given the acute … controversy over the formal definition of exploitation during the 1970-1990s, we review the study of the axiomatic framework …, which identifies some fundamental properties - technically, domain conditions - that any definition of exploitation should …
Persistent link: https://www.econbiz.de/10014581888