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 11: Actual Labor Values with Joint Production

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

Abstract

In Chapters 7 and 8, we have shown that, in simple Leontief economies with circulating capital and no joint production, labor values are logically coherent and empirically relevant. Albeit meaningless as predictors of relative equilibrium prices, Marxian values provide the only theoretically sound indices of labor productivity, and they yield fundamental insights on the dynamics of capitalist economies. It is not clear, however, whether these conclusions continue to hold outside of the simple Leontief model.

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