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 10: Joint Production in a (Marxian) System of National Accounts

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

Abstract

As discussed in Chapter 5, in economies with joint production there is no one-to-one correspondence between sectors and commodities, and each industry may produce more than one good. Consequently, the non-diagonal entries of the output matrix are not zero and both the input and the output matrices are typically rectangular. This has some relevant conceptual and formal implications for price and value theory. For one, in models with joint production the standard employment multipliers of IO theory are well defined and meaningful, and they measure the changes in (sectoral and aggregate) employment resulting from variations in final demand, but unlike in simple Leontief economies, they do not necessarily measure the real total labor costs, or requirements, of producing commodities. As shown by Steedman (1977) in his celebrated book, in economies with joint production the standard employment multipliers may be negative (see Chapter 11 for a discussion), while real labor costs, or requirements, should arguably be definitionally nonnegative.

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