Marx's Legacy Revisited
Chapter 9: Actual Labor Values with Multiple Activities
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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