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Title: Ricardo’s Labor Theory of Value Is Alive And Well in Contemporary Capitalism
Authors: Tsoulfidis, Lefteris
Type: Article
Subjects: FRASCATI::Social sciences::Economics and Business::Economics
FRASCATI::Social sciences::Economics and Business::Industrial relations
Keywords: David Ricardo
value and distribution
price-value deviations
Karl Marx
Issue Date: 2021
Publisher: Pluto Press
Source: World Review of Political Economy
Volume: 12
Issue: 4
First Page: 493
Last Page: 518
Abstract: This article, by utilizing Ricardo’s numerical examples, derives theoretical statements about the deviations of relative values (prices) from relative labor times. These deviations result from the presence of capital and the distributive variables (rate of profit and wage) and production (turnover) times. Furthermore, Ricardo argued that the intertemporal changes in relative (market) prices were no different from the respective changes in natural (or equilibrium) prices. Both depend primarily on changes in unit labor values and secondarily on capital intensities. The article continues by testing the extent to which Ricardo’s thesis holds by utilizing input-output data from the US and Chinese economies. The derived empirical results lend overwhelming support to Ricardo’s thesis, which is conformable with major aspects of Marx’s theory of value.
ISSN: 2042-8928
Other Identifiers: 10.13169/worlrevipoliecon.12.4.0493
Appears in Collections:Department of Economics

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