Acta Oeconomica
Volume/Issue:
Volume 72: Issue S1
Putting labour values to work
Authors:
Jonathan F. Cogliano Economics Department, University of Massachusetts Boston, MA, USA

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https://orcid.org/0000-0002-5292-7727
,
Roberto Veneziani School of Economics and Finance, Queen Mary University of London, Mile End Road, London E1 4NS, UK

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https://orcid.org/0000-0001-6431-0145
, and
Naoki Yoshihara Department of Economics, University of Massachusetts Amherst, MA, USA
The Institute of Economic Research, Hitotsubashi University, Tokyo, Japan
School of Management, Kochi University of Technology, Kochi, Japan

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Pages:
51–79
Online Publication Date:
15 Jul 2022
Publication Date:
15 Jul 2022
Article Category:
Research Article
DOI:
https://doi.org/10.1556/032.2022.00019
Keywords:
exploitation; labour theory of value; labour values; Marx; Marxian value theory;
Restricted access

Abstract

Conventional wisdom has it that Marxian value theory, and labour values themselves, are logically inconsistent, theoretically shaky, and empirically irrelevant. In this paper, we discuss recent research showing that this conclusion is not warranted. While past debates have definitively proved that labour values, or employment multipliers, cannot be used to explain equilibrium prices, this does not mean that a sound, empirically oriented Marxian approach cannot be built which assigns a central role to labour values. To be specific, we argue that they can be used to understand certain fundamental laws of capitalist economies – in particular the relation between profitability, technical progress, and accumulation – and also to construct normatively interesting indices capturing certain inequalities in well-being freedom.

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Cover Acta Oeconomica
Acta Oeconomica Periodical of the Hungarian Academy of Sciences
Print ISSN:
0001-6373
Online ISSN:
1588-2659

Senior editors

Editors-in-Chief: István P. Székely, Dóra Győrffy

Editor(s): Judit Ványai

Associate Editors

  • Péter Benczúr, Joint Joint Research Center, European Commission
  • Dóra Benedek, International Monetary Fund
  • Balázs Égert, OECD
  • Dániel Prinz, World Bank
  • Rok Spruk, University of Ljubljana, School of Economics and Business, Slovenia

Editorial Board

  • Anders Åslund, Georgetown University and Advisory Council of CASE, USA
  • István Benczes, Corvinus University of Budapest, Hungary 
  • Agnieszka Chłoń-Domińczak, SGH Warsaw School of Economics, Poland
  • Fabrizio Coricelli, University of Siena, Italy
  • László Csaba, Corvinus University of Budapest, Hungary and Central European University, Austria
  • Beáta Farkas, Faculty of Economics and Business Administration, University of Szeged, Hungary
  • Péter Halmai, Budapest University of Technology and Economics, and National University of Public Service, Hungary
  • Martin Kahanec, Central European University, Austria
  • Michael Landesmann, The Vienna Institute for International Economic Studies (WIIW), Austria
  • Péter Mihályi, Corvinus University of Budapest, Hungary
  • Debora Revoltella, European Investment Bank

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary
E-mail: vanyai.judit@krtk.hu  

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Acta Oeconomica
Language English
Size B5
Year of
Foundation		 1966
Volumes
per Year		 1
Issues
per Year		 4
Founder Magyar Tudományos Akadémia
Founder's
Address		 H-1051 Budapest, Hungary, Széchenyi István tér 9.
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Publisher		 Chief Executive Officer, Akadémiai Kiadó
ISSN 0001-6373 (Print)
ISSN 1588-2659 (Online)

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