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Measures Of Production Price‐Labour Value Deviation And Income Distribution In Actual Economies: A Note

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  • Theodore Mariolis
  • Lefteris Tsoulfidis

Abstract

Many empirical studies indicate that the deviations of actual prices of production from labour values are not too sensitive to the type of measure used for their evaluation. This paper attempts to theorize this rather ‘stylized fact’ by focusing on the relationships between the traditional and the numéraire‐free measures of deviation. On the empirical side, it provides an illustration of these relationships using input–output data from the Japanese economy.

Suggested Citation

  • Theodore Mariolis & Lefteris Tsoulfidis, 2010. "Measures Of Production Price‐Labour Value Deviation And Income Distribution In Actual Economies: A Note," Metroeconomica, Wiley Blackwell, vol. 61(4), pages 701-710, November.
    • Handle: RePEc:bla:metroe:v:61:y:2010:i:4:p:701-710
    DOI: 10.1111/j.1467-999X.2010.04098.x
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    References listed on IDEAS

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    1. Steedman, Ian & Tomkins, Judith, 1998. "On Measuring the Deviation of Prices from Values," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 22(3), pages 379-385, May.
    2. Lefteris Tsoulfidis, 2008. "Price-value deviations: further evidence from input-output data of Japan," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(6), pages 707-724.
    3. Theodore Mariolis & Lefteris Tsoulfidis, 2017. "Measures of Production Price-Labour Value Deviation and Income Distribution in Actual Economies: Theory and Empirical Evidence," Bulletin of Political Economy, Bulletin of Political Economy, vol. 11(2), pages 151-170, December.
    4. Luci Ellis & Kathryn Smith, 2010. "The Global Upward Trend in the Profit Share," Applied Economics Quarterly (formerly: Konjunkturpolitik), Duncker & Humblot, Berlin, vol. 56(3), pages 231-256.
    5. Theodore Mariolis & Lefteris Tsoulfidis, 2009. "Decomposing the Changes in Production Prices into "Capital-Intensity" and "Price" Effects: Theory and Evidence from the Chinese Economy ," Contributions to Political Economy, Cambridge Political Economy Society, vol. 28(1), pages 1-22.
    6. Lefteris Tsoulfidis & Theodore Mariolis, 2007. "Labour Values, Prices of Production and the Effects of Income Distribution: Evidence from the Greek Economy," Economic Systems Research, Taylor & Francis Journals, vol. 19(4), pages 425-437.
    7. Harvie, David, 2000. "Testing Goodwin: Growth Cycles in Ten OECD Countries," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 24(3), pages 349-376, May.
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    Cited by:

    1. Mariolis, Theodore & Tsoulfidis, Lefteris, 2016. "Capital theory: Less is more," MPRA Paper 75923, University Library of Munich, Germany.
    2. Lefteris Tsoulfidis & Dimitris Paitaridis, 2017. "Monetary Expressions of Labour Time and Market Prices: Theory and Evidence from China, Japan and Korea," Review of Political Economy, Taylor & Francis Journals, vol. 29(1), pages 111-132, January.
    3. Theodore Mariolis & Lefteris Tsoulfidis, 2018. "Less Is More: Capital Theory And Almost Irregular-Uncontrollable Actual Economies," Contributions to Political Economy, Cambridge Political Economy Society, vol. 37(1), pages 65-88.
    4. Theodore Mariolis & Lefteris Tsoulfidis, 2017. "Measures of Production Price-Labour Value Deviation and Income Distribution in Actual Economies: Theory and Empirical Evidence," Bulletin of Political Economy, Bulletin of Political Economy, vol. 11(2), pages 151-170, December.
    5. Theodore Mariolis & George Soklis & Eugenia Zouvela, 2013. "Testing Böhm-Bawerk’s theory of capital: Some evidence from the Finnish economy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(2), pages 207-220, June.
    6. Iliadi, Fotoula & Mariolis, Theodore & Soklis, George & Tsoulfidis, Lefteris, 2012. "Bienenfeld’s approximation of production prices and eigenvalue distribution: some more evidence from five European economies," MPRA Paper 36282, University Library of Munich, Germany.
    7. Ferrer-Hernández , Jacobo & Torres-González, Luis Daniel, 2022. "Some Recent Developments on the Explanation of the Empirical Relationship between Prices and Distribution," Centro Sraffa Working Papers CSWP54, Centro di Ricerche e Documentazione "Piero Sraffa".
    8. Mariolis, Theodore & Tsoulfidis, Lefteris, 2010. "Eigenvalue distribution and the production price-profit rate relationship in linear single-product systems: theory and empirical evidence," MPRA Paper 43716, University Library of Munich, Germany.
    9. Tsoulfidis, Lefteris, 2021. "Capital Theory Debates: New Developments and Direction," Centro Sraffa Working Papers CSWP51, Centro di Ricerche e Documentazione "Piero Sraffa".

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    2. Lefteris Tsoulfidis & Dimitris Paitaridis, 2017. "Monetary Expressions of Labour Time and Market Prices: Theory and Evidence from China, Japan and Korea," Review of Political Economy, Taylor & Francis Journals, vol. 29(1), pages 111-132, January.
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