Marx's Legacy Revisited
Chapter 11: Actual Labor Values with Joint Production
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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