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 7: Labor Productivity and the Law of Decreasing Labor Content

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

Abstract

Heterodox, and more specifically Marxist, economists have long held the belief that the inherent functioning of the capitalist system—and in particular the forces driving technical change, including class struggle—leads to a tendential decrease in the amount of labor necessary to produce (or, indeed, embodied in) commodities. One of the clearest and most rigorous formulations of this intuition is due to Farjoun and Machover (1983), who derived the celebrated law of decreasing labor content (henceforth, LDLC).

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