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Chapter 8 On the labor theory of value: statistical artefacts or regularities?

In: Why Capitalism Survives Crises: The Shock Absorbers

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  • Lefteris Tsoulfidis
  • Dimitris Paitaridis

Abstract

This paper subjects to empirical testing the standard (based on the notion of vertical integration) method for the estimation of labor values and prices of production against an alternative one known as the Temporary Single-System Interpretation (TSSI), an approach that finds strong support among a new generation of researchers. Our empirical findings from the Canadian economy suggest that both methods give rise to estimates of labor values and prices of production that are surprisingly close to observed prices. Further examination however reveals that the TSSI contradicts some of the basic tenets of logical consistency of the theory that indents to vindicate. These results lend support to the standard Marxian theory, and the estimating methods associated with it constitute a fertile ground for further research.

Suggested Citation

  • Lefteris Tsoulfidis & Dimitris Paitaridis, 2009. "Chapter 8 On the labor theory of value: statistical artefacts or regularities?," Research in Political Economy, in: Why Capitalism Survives Crises: The Shock Absorbers, pages 209-232, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rpeczz:s0161-7230(2009)0000025011
    DOI: 10.1108/S0161-7230(2009)0000025011
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    Citations

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    Cited by:

    1. Andrea Vaona, 2014. "A panel data approach to price–value correlations," Empirical Economics, Springer, vol. 47(1), pages 21-34, August.
    2. Andrea Vaona, 2012. "Price-price deviations are highly persistent - extended version," Working Papers 08/2012, University of Verona, Department of Economics.
    3. Stergios A. Seretis & Persefoni V. Tsaliki, 2016. "Absolute Advantage and International Trade," Review of Radical Political Economics, Union for Radical Political Economics, vol. 48(3), pages 438-451, September.

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