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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 TSSI 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. |
URI: | https://doi.org/10.1080/09538259.2016.1260804 https://ruomo.lib.uom.gr/handle/7000/588 |
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 | Size | Format | |
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TSOULFIDIS_PAITARIDIS [RUOMO].pdf | 330,55 kB | Adobe PDF | View/Open |
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