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 9: Actual Labor Values with Multiple Activities

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


In Chapters 7 and 8, we have considered linear economies in which each sector produces a single good using only one method of production. In this setting, labor values can be defined as the standard IO employment multipliers: they are unique and nonnegative, and they are strictly positive if and only if the corresponding equilibrium prices are positive. They vary continuously with changes in technology and they are proportional to prices if and only if either profits are zero, or the same technology is used in all sectors. At the aggregate level, they capture the relation between total net output and aggregate labor spent in production, and between total profits and the exploitation of the working class. They also provide theoretically robust and empirically meaningful measures of labor productivity

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