Marx's Legacy Revisited
Chapter 10: Joint Production in a (Marxian) System of National Accounts
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.