Value, Competition and Exploitation
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Value, Competition and Exploitation

Marx's Legacy Revisited

Jonathan F. Cogliano, Peter Flaschel, Reiner Franke, Nils Fröhlich and Roberto Veneziani

This book provides a comprehensive and rigorous, yet accessible, analysis of classical and Marxian price and value theory using the tools of contemporary economic analysis. The broad conceptual framework and methodology of Marx and the classical authors offers interesting and relevant perspectives on the basic structure and evolution of modern capitalist economies. Arguably, the book provides a deeper and more nuanced understanding of today's economic problems than can be gained via mainstream approaches.
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Chapter 6: Labor Values: An Axiomatic Approach

Jonathan F. Cogliano, Peter Flaschel, Reiner Franke, Nils Fröhlich and Roberto Veneziani

Abstract

In Part I of the book, we have introduced the classical concepts of market prices, production prices, and labor values. Focusing on simple n -good Leontief economies with circulating capital and no joint production, we have shown that production prices can be interpreted as the centers of gravitation of market prices and have derived a number of important insights on capitalist economies, including the proof of the existence of a general distributive conflict between the main social classes. We have also proved, however, that, apart from very special cases, production prices are not proportional to labor values. Therefore, labor values do not, and cannot, determine equilibrium prices.

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