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On Measuring the Deviation of Prices from Values

Author

Listed:
  • Steedman, Ian
  • Tomkins, Judith

Abstract

It has often been found useful to measure in some way the extent to which (with-profit) prices diverge from (zero-profit) values. But it is not satisfactory to employ a measure which varies with the choice of numeraire, for this element of arbitrariness has nothing to do with the central idea of asking how much the direction of the price vector differs from that of the value vector. The authors develop a measure which involves no numeraire and then illustrate its use with data from the United Kingdom, the Irish Republic, and Australia. Copyright 1998 by Oxford University Press.

Suggested Citation

  • 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.
    • Handle: RePEc:oup:cambje:v:22:y:1998:i:3:p:379-85
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    Citations

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    Cited by:

    1. Roberto Veneziani & Luca Zamparelli & Deepankar Basu, 2017. "Quantitative Empirical Research In Marxist Political Economy: A Selective Review," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1359-1386, December.
    2. Han Cheng & Minqi Li, 2020. "Do Labor Values Explain Chinese Prices? Evidence from China’s Input-Output Tables, 1990–2012," Review of Radical Political Economics, Union for Radical Political Economics, vol. 52(1), pages 115-136, March.
    3. Mariolis, Theodore, 2006. "A Critique of the ‘New Approach’ to the Transformation Problem and a Proposal," MPRA Paper 24019, University Library of Munich, Germany.
    4. 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.
    5. Basu, Deepankar, 2015. "A Selective Review of Recent Quantitative Empirical Research in Marxist Political Economy," UMASS Amherst Economics Working Papers 2015-05, University of Massachusetts Amherst, Department of Economics.
    6. 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.
    7. Mariolis, Theodore, 2003. "Controllability, Observability, Regularity, and the so-called Problem of Transforming Values into Prices of Production," MPRA Paper 24043, University Library of Munich, Germany.
    8. 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.
    9. 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.
    10. Andrew Trigg, 2002. "Using Micro Data to Test the Divergence between Prices and Labour Values," International Review of Applied Economics, Taylor & Francis Journals, vol. 16(2), pages 169-186.
    11. Mariolis, Theodore & Tsoulfidis, Lefteris, 2016. "Capital theory: Less is more," MPRA Paper 75923, University Library of Munich, Germany.
    12. Schefold, Bertram, 2008. "C.E.S. production functions in the light of the Cambridge critique," Journal of Macroeconomics, Elsevier, vol. 30(2), pages 783-797, June.
    13. 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.
    14. Theodore Mariolis, 2015. "Norm Bounds and A Homographic Approximation for the Wage–Profit Curve," Metroeconomica, Wiley Blackwell, vol. 66(2), pages 263-283, May.
    15. Mariolis, Theodore & Rodousakis, Nikolaos & Tsoulfidis, Lefteris, 2006. "The rate of profit in the Greek economy 1988-1997. an input-output analysis," MPRA Paper 35493, University Library of Munich, Germany.
    16. Andrea Vaona, 2014. "A panel data approach to price–value correlations," Empirical Economics, Springer, vol. 47(1), pages 21-34, August.
    17. Emilio Díaz & Rubén Osuna, 2009. "From correlation to dispersion: geometry of the price-value deviation," Empirical Economics, Springer, vol. 36(2), pages 427-440, May.
    18. 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.
    19. T Mariolis & G Soklis, 2010. "Additive Labour Values and Prices: Evidence from the Supply and Use Tables of the French, German and Greek Economies," Economic Issues Journal Articles, Economic Issues, vol. 15(2), pages 87-107, September.
    20. Tsoulfidis, Lefteris, 2018. "Ricardo’s Theory of Value is Still Alive and Well in Contemporary Capitalism," MPRA Paper 85822, University Library of Munich, Germany, revised 10 Apr 2018.
    21. 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.

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