Veneziani, Roberto and Yoshihara, Naoki (2009): Exploitation and productiveness: the generalised commodity exploitation theorem once again.
Download (428Kb) | Preview
In a recent contribution on this journal, Matsuo (2009) has provided an interesting argument to refute the Generalised Commodity Exploitation Theorem (GCET), by highlighting a potential asymmetry between labour and other commodities. In this paper, a novel characterisation of the relation between exploitation and productiveness that is at the heart of the GCET is proved. This result is interesting per se, because it is weaker and more general than the standard GCET. But, owing to the rigorous specification of all the relevant conditions, it also clarifies the structure of Matsuo’s argument, and its dubious theoretical features. It is also argued that, even if Matsuo’s formal argument were deemed convincing, a revised version of the GCET can be proved, which reinstates the symmetry between labour and other commodities in the standard Leontief setting.
|Item Type:||MPRA Paper|
|Original Title:||Exploitation and productiveness: the generalised commodity exploitation theorem once again|
|Keywords:||Value; exploitation; Generalised Commodity Exploitation Theorem.|
|Subjects:||B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B51 - Socialist; Marxian; Sraffian
D - Microeconomics > D4 - Market Structure and Pricing > D46 - Value Theory
|Depositing User:||Roberto Veneziani|
|Date Deposited:||22. Apr 2011 11:54|
|Last Modified:||15. Feb 2013 19:46|
Bowles, S. and H. Gintis (1981) ‘Structure and practice in the labor theory of value’, Review of Radical Political Economics 12: 1-26.
Fujimoto, T. and Y. Fujita (2008) ‘A Refutation of Commodity Exploitation Theorem’, Metroeconomica 59: 530-540.
Fujimoto, T. and A. Opocher (2009) ‘Commodity content in a general input-output model’, Metroeconomica, forthcoming.
Gale, D. (1960) The Theory of Linear Economic Models, Chicago: Chicago University Press.
Kurz, H.D. and Salvadori, N. (1995) Theory of Production, Cambridge: Cambridge University Press.
Matsuo, T. (2009) ‘Generalized Commodity Exploitation Theorem and the Net-production Concept’, Bulletin of Political Economy, forthcoming.
Morishima, M. (1973) Marx's Economics, Cambridge: Cambridge University Press. Nikaido, H. (1970) Introduction to Sets and Mappings in Modern Economics, Amsterdam: North-Holland Publishing.
Okishio, N. (1963) ‘A mathematical note on Marxian theorems’, Weltwirtschaftliches Archiv 91: 287-299.
Roemer, J. E. (1982) A General Theory of Exploitation and Class, Cambridge: Harvard University Press.
Roemer, J. E. (1986) Value, Exploitation and Class, New York: Harwood Academic Publishers.
Yoshihara, N. and R. Veneziani (2009) ‘Commodity Content in a General Input-Output Model: A Comment’, Metroeconomica, forthcoming.