Please use this identifier to cite or link to this item:
Title: Monetary Expressions of Labour Time and Market Prices: Theory and Evidence from China, Japan and Korea
Authors: Tsoulfidis, Lefteris
Paitaridis, Dimitris
Type: Article
Subjects: FRASCATI::Social sciences
FRASCATI::Social sciences::Economics and Business
Keywords: Labour theory of value
Marxian theory
vertical integration
Issue Date: 2017
Publisher: Routledge
Source: Review of Political Economy
Volume: 29
Issue: 1
First Page: 111
Last Page: 132
Abstract: This article presents estimates of labour values and prices of production following two approaches: the first is based on the classical and Marxian theory of value and distribution; the second on the so-called ‘new solution’ to the ‘transformation problem’ and its variant, the Temporary Single-System Interpretation (TSSI). The major advantage of the latter approach is its simplicity, along with the relatively low data requirements. Our empirical findings from the economies of China, Japan and South Korea suggest that both approaches give estimates of labour values and prices of production which are extremely close to each other as well as to actual market prices. On further examination, however, we conclude that our empirical findings are absolutely consistent with the theoretical requirements of the classical approach and contradict those of the TSSI.
ISSN: 0953-8259
Electronic ISSN: 1465-3982
Other Identifiers: 10.1080/09538259.2016.1260804
Appears in Collections:Department of Economics

Files in This Item:
File Description SizeFormat 

Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.