Value, Competition and Exploitation
Show Less

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.
Buy Book in Print
Show Summary Details
You do not have access to this content

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

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


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.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information

or login to access all content.