Strong Subjectivism in the Marxian Theory of Exploitation: A Critique

Veneziani, Roberto; Yoshihara, Naoki

doi:10.1111/j.1467-999x.2010.04089.x

Cited by 14 publications

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“…Moreover, Definition also satisfies a property of Minimal objectivism (Veneziani and Yoshihara, ) in that, unlike Definitions and , the exploitation status of agents is determined independent of possibly arbitrary consumption decisions. Furthermore, it has a clear empirical content by being firmly anchored to actual economic data: only actual production decisions and the social allocation of labor, income, and production activities matter.…”

Section: Discussionmentioning

confidence: 99%

A Progress Report on Marxian Economic Theory: On the Controversies in Exploitation Theory Since Okishio (1963)

Yoshihara

2017

Journal of Economic Surveys

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This report explores the development of exploitation theory in mathematical Marxian economics by reviewing the main controversies surrounding the proper definition of exploitation since the contribution of Okishio. The report first examines the debates on the Fundamental Marxian Theorem and Class‐Exploitation Correspondence Principle, developed mainly in the 1970s and 1980s, followed by the property relation theory of exploitation by Roemer. Then, the more recent exploitation theory proposed by Vrousalis and Wright is introduced. Finally, the report introduces and comments on recent axiomatic studies of exploitation by focusing on the work of Veneziani and Yoshihara.

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Section: Discussionmentioning

confidence: 99%

A Progress Report on Marxian Economic Theory: On the Controversies in Exploitation Theory Since Okishio (1963)

Yoshihara

2017

Journal of Economic Surveys

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“…Yet they left open the fundamental question of 2 For a detailed analysis of the variety of interpretations of Marxian value theory and a novel axiomatic interpretation of the LTV see Mohun and Veneziani (2017). 3 The result has been successfully extended to Leontief economies with heterogeneous labor by Bowles and Gintis (1977), Krause (1981), Fujimori (1982), and Veneziani and Yoshihara (2011). 4 The literature is too vast for a comprehensive list of references.…”

Section: Notationmentioning

confidence: 99%

“…4 The adoption of an axiomatic approach to analyze Marxian themes is quite novel. Seminal contributions include Yoshihara (2010), Yoshihara and Veneziani (2009), Veneziani and Yoshihara (2011, 2012, 2015a, 2017b, and Mohun and Veneziani (2017).…”

Section: Introductionmentioning

confidence: 99%

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Value, Competition and Exploitation

Cogliano¹,

Fröhlich²,

Veneziani³

et al. 2018

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1 François Quesnay: The Circular Flow of Income and Input-Output Analysis 1.1 Introduction 1.2 An early example of global economic reasoning 1.3 Input-output analysis: Surplus, multipliers and connectedness 1.4 Contemporary empirical input-output tables 1.5 Conclusions 1.6 Appendix: Further properties of matrices 2 Adam Smith: The "Invisible Hand" and Accumulation 2.1 Ruthless competition: The invisible hand in the early and rude state of society 2.2 The structure of the economy 2.3 Classical competition 2.4 CCE: Equilibrium and efficiency 2.5 Real wages and Malthusian population dynamics: Efficient pauperization v vi Value, Competition and Exploitation 2.6 Conclusions 2.7 Appendix: The neoclassical theory of the firm and capital accumulation 3 Adam Smith II: The "Invisible Hand" and "Natural Prices" 3.1 Restless competition II: Values and natural prices 3.2 Values and prices in the early and rude state 3.3 The multi-sector economy. Economic propositions and mathematical theorems 3.4 Empirical examples of wage-profit curves 3.5 Conclusions 4 David Ricardo: Long-Period Prices, Accumulation, and the Invariable Measure of Value 4.1 Introduction 4.2 Production data and labor values 4.3 Price equations and the wage-profit curve 4.4 Quantity equations and the consumption-growth curve 4.5 Income distribution, savings and the Classical closure 4.6 Differentiated saving habits and multiple equilibria 4.7 Proportions in production and relative price movements 4.8 The choice of numéraire: The foredoomed search for an invariable measure of value 4.9 Actual income shares in the open economy 4.10 Substitution and the choice of technique 4.11 Conclusions 5 The von Neumann-Sraffa Model 5.1 The von Neumann growth model 5.2 The gravitation of market prices in a square von Neumann-Sraffa system 5.3 Process and product extinction in the classical gravitation process 5.4 Conclusions Contents vii Part II Value and Exploitation: Marx's Legacy 6 Labor Values: An Axiomatic Approach 6.1 Introduction 6.2 The labor content of commodities: The real side of social interdependence 6.3 Basic principles when generalizing labor values 6.4 Simple quantitative features of the Labor Theory of Value 6.5 Pragmatic uses and applications of the notion of labor values 6.6 Conclusions 7 Labor Productivity and the Law of Decreasing Labor Content Contents ix 13.3 Theoretical aspects of wage-profit curve measurements 13.4 Wage-profit curve measurement: An example 13.5 Conclusions 13.6 Appendix 1: Linear wage-profit curves and capital intensities 13.7 Appendix 2: Capital consumed and capital advanced 14 Conclusions 14.1 The way forward References Index List of Figures 2.1 The optimal allocation of labor in corn production 2.2 Income distribution in a classical corn economy 2.3 Adjustment path towards the steady state after an increase in agricultural productivity or when agricultural taxation is reduced 2.4 Income distribution in the neoclassical manufacturer world3.1 The wage-profit curve and the conflict over income distribution with manufactured means of p...

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“…Moreover, Definition 17 also satisfies a property of Minimal objectivism (Veneziani and Yoshihara, 2011) in that, unlike Definitions 15 and 16, the exploitation status of agents is determined independent of possibly arbitrary consumption decisions. Further, it has a clear empirical content by being firmly anchored to actual economic data: only actual production decisions and the social allocation of labor, income, and production activities matter.…”

Section: C O N C L U D I N G R E M a R K Smentioning

confidence: 99%

A Progress Report on Marxian Economic Theory: On the Controversies in Exploitation Theory Since OKISHIO (1963)

Yoshihara

2018

Analytical Political Economy

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This report explores the development of exploitation theory in mathematical Marxian economics by reviewing the main controversies surrounding the proper definition of exploitation since the contribution of Okishio (1963). The report first examines the debates on the Fundamental Marxian Theorem and Class-Exploitation Correspondence Principle, developed mainly in the 1970s and 1980s, followed by the property relation theory of exploitation by Roemer (1982). Then, the more recent exploitation theory proposed by Vrousalis (2013) and Wright (2000) is introduced. Finally, the report introduces and comments on recent axiomatic studies of exploitation by focusing on the work of Veneziani and Yoshihara (2015a). JEL classification:D 6 3 ;D 5 1 .

show abstract

Strong Subjectivism in the Marxian Theory of Exploitation: A Critique

Cited by 14 publications

References 14 publications

A Progress Report on Marxian Economic Theory: On the Controversies in Exploitation Theory Since Okishio (1963)

A Progress Report on Marxian Economic Theory: On the Controversies in Exploitation Theory Since Okishio (1963)

Value, Competition and Exploitation

A Progress Report on Marxian Economic Theory: On the Controversies in Exploitation Theory Since OKISHIO (1963)

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