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

Search for other papers by Jonathan F. Cogliano in
Current site
Google Scholar
PubMed Close
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

Search for other papers by Roberto Veneziani in
Current site
Google Scholar
PubMed Close
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

Search for other papers by Naoki Yoshihara in
Current site
Google Scholar
PubMed Close
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 (English):
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.

  • Barro, R. J. – Lee, J. (2013): A New Data Set of Educational Attainment in the World, 1950-2010. Journal of Development Economics, 104: 184–198.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Basu, D. – Foley, D. K. (2013): Dynamics of Output and Employment in the U.S. Economy. Cambridge Journal of Economics, 37(5): 1077–1106.

  • Binmore, K. (1998): Egalitarianism versus Utilitarianism. Utilitas, 10(3): 353–367.

  • BLS (2008): Technical Information about the BLS Major Sector Productivity and Costs Measures. http://www.bls.gov/lpc/lpcmethods.pdf.

  • Buchanan, A. (1982): Marx and Justice. Totowa: Rowman and Littlefield.

  • Bureau of Economic Analysis (2017): GDP by Industry .U.S. Department of Commerce.

  • Bureau of Economic Analysis (2021a): Employment by Industry. U.S. Department of Commerce.

  • Bureau of Economic Analysis (2021b): Input-Output Accounts .U.S. Department of Commerce.

  • Bureau of Labor Statistics (2017): Employment, Hours, and Earnings. U.S. Department of Labor.

  • Chilcote, E. B. (2004): Calculating Labour Values Empirically. In: Freeman, A. – Kliman, A. – Wells, J. (eds): The New Value Controversy and the Foundations of Economics. Cheltenham, UK: Edward Elgar, pp. 199–218.

    • Search Google Scholar
    • Export Citation

  • Cockshott, W. P. – Cottrell, A. F. (1997): Labour Time versus Alternative Value Bases: A Research Note. Cambridge Journal of Economics, 21(4): 545–549.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Cogliano, J. F. (2018): Surplus Value Production and Realization in Marxian Theory – Applications to the U.S., 1990-2015. Review of Political Economy, 30(4): 505–533.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Cogliano, J. F. (2021): Marx’s Equalized Rate of Exploitation. University of Massachusetts Boston, Economics Department, Working Paper, No. 2021-01.

    • Search Google Scholar
    • Export Citation

  • Cogliano, J. F. – Flaschel, P. – Franke, R. – Fröhlich, N. – Veneziani, R. (2018): Value, Competition, and Exploitation: Marx’s Legacy Revisited. Chaltanham, UK: Edward Elgar.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Cogliano, J. F. – Veneziani, R. – Yoshihara, N. (2016): The Dynamics of Exploitation and Class in Accumulation Economies. Metroeconomica, 67(2): 242–290.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Cogliano, J. F. – Veneziani, R. – Yoshihara, N. (2019): Exploitation, Skills, and Inequality. Review of Social Economy, 77(2): 208–249.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Cogliano, J. F. – Veneziani, R. – Yoshihara, N. (2022): Computational Methods and Classical-Marxian Economics. Journal of Economic Surveys, 36(2): 310–349.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Cogliano, J. F. – Veneziani, R. – Yoshihara, N. (2021): The Dynamics of International Exploitation. University of Massachusetts Boston, Economics Department, Working Paper, No. 2021-02.

    • Search Google Scholar
    • Export Citation

  • Cohen, G. A. (1995): Self-Ownership, Freedom and Equality. Cambridge: Cambridge University Press.

  • Desai, M. (1988): The Transformation Problem. Journal of Economic Surveys, 2(4): 295–333.

  • Duménil, G. (1980): De la Valeur aux Prix de Production. Paris: Economica.

  • Duménil, G. (1984): The So-Called ‘Transformation Problem’ Revisited: A Brief Comment. Journal of Economic Theory, 33(2): 340–348.

  • Farjoun, E. – Machover, M. (1983): Laws of Chaos. London, UK: Verso.

  • Feenstra, R. – Inklaar, R. – Timmer, M. (2015): The Next Generation of the Penn World Table. American Economic Review, 105, pp. 3150–3182. www.ggdc.net/pwt.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Flaschel, P. (1983): Actual Labor Values in a General Model of Production. Econometrica, 51(2): 435–454.

  • Flaschel, P. (2010): Topics in Classical Micro- and Macroeconomics. New York, NY: Springer.

  • Flaschel, P. – Franke, R. – Veneziani, R. (2013): Labor Productivity and the Law of Decreasing Labor Content. Cambridge Journal of Economics, 37(2): 379–402.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Fleurbaey, M. (1996): Théories économiques de la justice. Paris: Economica.

  • Foley, D. K. (1982): The Value of Money, the Value of Labor Power and the Marxian Transformation Problem. Review of Radical Political Economics, 14(2): 37–47.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Foley, D. K. (2000): Recent Developments in the Labor Theory of Value. Review of Radical Political Economics, 32(1): 1–39.

  • Foley, D. K. (2011): The Long-Period Method and Marx's Theory of Value. In: Caspari, V. (ed.): The Evolution of Economic Theory: Essays in Honour of Bertram Schefold. Abingdon, Oxon: Routledge, pp. 15–38.

    • Search Google Scholar
    • Export Citation

  • Foley, D. K. (2013): Rethinking Financial Capitalism and the ‘Information’ Economy. Review of Radical Political Economics, 45(3): 257–268.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Foley, D. K. (2016): What is the Labor Theory of Value and What Is It Good for? In: Freni, G. – Kurz, H. D. – Lavezzi, A. M. – Signorino, R. (eds): Economic Theory and its History: Essays in Honour of Neri Salvadori. Abingdon, Oxon: Routledge, pp. 370–384.

    • Search Google Scholar
    • Export Citation

  • Fröhlich, N. (2013): Labour Values, Prices of Production and the Missing Equalisation Tendency of Profit Rates: Evidence from the German Economy. Cambridge Journal of Economics, 37(5): 1107–1126.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Işikara, G. – Mokre, P. (2022): Price-Value Deviations and the Labour Theory of Value: Evidence from 42 Countries, 2000-2017. Review of Political Economy, 34(1): 165–180.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Itoh, M. (2021): Value and Crisis. Essays on Marxian Economics in Japan. (2nd ed.) New York: Monthly Review Press.

  • Marx, K. (1970): Critique of the Gotha Programme. Moscow: Progress Publishers.

  • Marx, K. (1976): Capital: Volume I. New York, NY: Penguin Group.

  • Marx, K. (1981): Capital: Volume III. New York, NY: Penguin Group.

  • Mohun, S. (1994): A Re(In)Statement of the Labor Theory of Value. Cambridge Journal of Economics, 18(4): 391–412.

  • Mohun, S. (2004): The Labour Theory of Value as Foundation for Empirical Investigations. Metroeconomica, 55(1): 65–95.

  • Mohun, S. (2014): Unproductive Labor in the U.S. Economy 1964–2010. Review of Radical Political Economics, 46(3): 355–379.

  • Mohun, S. – Veneziani, R. (2017): Values, Price and Exploitation: The Logic of the Transformation Problem. Journal of Economic Surveys, 31(5): 1387–1420.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Morishima, M. (1973): Marx’s Economics. New York, NY: Cambridge University Press.

  • Morishima, M. (1974): Marx in the Light of Modern Economic Theory. Econometrica, 42(4): 611–632.

  • Ochoa, E. M. (1989): Values, Prices, and Wage-Profit Curves in the US Economy. Cambridge Journal of Economics, 13(3): 413–429.

  • OECD (2001): Measuring Productivity. OECD Economic Studies, No. 33.

  • Paitaridis, D. – Tsoulfidis, L. (2012): The Growth of Unproductive Activities, the Rate of Profit, and the Phase-Change of the U.S. Economy. Review of Radical Political Economics, 44(2): 213–233.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Psacharopoulos, G. (1994): Returns to Investment in Education: A Global Update. World Development, 22(9): 1325–1343.

  • Rawls, J. (1971): A Theory of Justice. Cambridge, MA: Harvard University Press.

  • Robinson, J. (1964): Economic Philosophy. (2nd ed.) Harmondsworth: Penguin.

  • Roemer, J. E . (1981): Analytical Foundations of Marxian Economic Theory. Cambridge: Cambridge University Press.

  • Roemer, J. E . (1982): A General Theory of Exploitation and Class. Cambridge, MA: Harvard University Press.

  • Roemer, J. E . (1983): Unequal Exchange, Labor Migration, and International Capital Flows: A Theoretical Synthesis. In: Desai, P. (ed.): Marxism, Central Planning and the Soviet Economy. Cambridge, MA: MIT Press, pp. 34–60.

    • Search Google Scholar
    • Export Citation

  • Roemer, J. E . (2008): Socialism vs Social Democracy as Income-Equalizing Institutions. Eastern Economic Journal, 34(1): 14–26.

  • Roemer, J. E . (2019): How We Cooperate. New Haven: Yale University Press.

  • Roemer, J. E. – Silvestre, J. (1993): The Proportional Solution for Economies with Both Private and Public Ownership. Journal of Economic Theory, 59(2): 426–444.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Samuelson, P. A. (1971): Understanding the Marxian Notion of Exploitation: A Summary of the So-Called Transformation Problem Between Marxian Values and Competitive Prices. Journal of Economic Literature, 9(2): 399–431.

    • Search Google Scholar
    • Export Citation

  • Sasaki, R. (2021): Towards Understanding Marx’s Theory of Equilibrium and Prices of Production. In: Grassmann, T. – Hubmann, G. – Jakob, N. (eds): Marx-Engels-Jahrbuch 2019/20. Berlin, Boston: De Gruyter Akademie Forschung, pp. 135–157.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Schreyer, P. (2001): The OECD Productivity Manual: A Guide to the Measurement of Industry-Level and Aggregate Productivity. Unabridged version. International Productivity Monitor, 2: 37–51.

    • Search Google Scholar
    • Export Citation

  • Sen, A. (1978): On the Labour Theory of Value: Some Methodological Issues. Cambridge Journal of Economics, 2(2): 175–190.

  • Sen, A. (1985): Commodities and Capabilities. Amsterdam: North Holland.

  • Shaikh, A. (1998): The Empirical Strength of the Labor Theory of Value. In: Bellofiore, R. (ed.): Marxian Economics: A Reappraisal . Vol. 2. New York: St. Martin’s Press.

    • Search Google Scholar
    • Export Citation

  • Shaikh, A. (2016): Capitalism: Competition, Conflict, Crises .New York: Oxford University Press.

  • Skillman, G. L. (1995): Ne Hic Saltaveris: The Marxian Theory of Exploitation after Roemer. Economics and Philosophy, 11(2): 309–331.

  • Skillman, G. L. (2014): Capitalist Exploitation without Capitalist Production: The Consequences of Imperfect Contracting. Journal of Theoretical Politics, 26(4): 629–652.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Skillman, G. L. (2017): Marx’s Capital through the Lens of Roemer’s General Theory (and vice-versa). Social Choice and Welfare, 49(3-4): 423–443.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Skillman, G. L. (2019): Redistribution and Persistent Exploitation in an Accumulation Economy with Decreasing Marginal Impatience. Review of Social Economy, 77(2): 184–207.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Smith, A. (2000): The Wealth of Nations. New York, NY: Random House, Inc. Modern Library Edition.

  • Tsoulfidis, L. – Maniatis, T. (2002): Values, Prices of Production and Market Prices: Some More Evidence from the Greek Economy. Cambridge Journal of Economics, 26(3): 359–369.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • United Nations (1968): A System of National Accounts. New York: Studies in Methods, Series F, No. 2, Rev. 3.

  • Veneziani, R. (2007): Exploitation and Time. Journal of Economic Theory, 132(1): 189–207.

  • Veneziani, R. (2013): Exploitation, Inequality, and Power. Journal of Theoretical Politics, 25(4): 526–545.

  • Veneziani, R. – Yoshihara, N. (2010): Exploitation and Productiveness: The Generalised Commodity Exploitation Theorem Once Again. Bulletin of Political Economy, 4(1): 45–58.

    • Search Google Scholar
    • Export Citation

  • Veneziani, R. – Yoshihara, N. (2013): Exploitation of Labour and Exploitation of Commodities: A ‘New Interpretation’. Review of Radical Political Economics, 45(4): 517–524.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Veneziani, R. – Yoshihara, N. (2015a): Exploitation in Economies with Heterogeneous Preferences, Skills and Assets: An Axiomatic Approach. Journal of Theoretical Politics, 27(1): 8–33.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Veneziani, R. – Yoshihara, N. (2015b): Unequal Exchange, Assets, and Power: Recent Developments in Exploitation Theory. In: Binder, C. – Codognato, G. – Teschl, M. – Xu,Y. (eds): Individual and Collective Choice and Social Welfare. Berlin: Springer, pp. 253–287.

    • Search Google Scholar
    • Export Citation

  • Veneziani, R. – Yoshihara, N. (2017): One Million Miles to Go: Taking the Axiomatic Road to Defining Exploitation. Cambridge Journal of Economics, 41(6): 517–524.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Veneziani, R. – Yoshihara, N. (2018): The Theory of Exploitation as the Unequal Exchange of Labour. Economics and Philosophy, 34(3): 381–409.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Yoshihara, N. (2010): Class and Exploitation in General Convex Cone Economies. Journal of Economic Behavior & Organization, 75(2): 281–296.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Yoshihara, N. (2017): A Progress Report on Marxian Economic Theory: On the Controversies in Exploitation Theory since Okishio. Journal of Economic Surveys, 31(2): 632–659.

    • Crossref
    • Search Google Scholar
    • Export Citation

  • Yoshihara, N. (2021): On the Labor Theory of Value as the Basis for the Analysis of Economic Inequality in the Capitalist Economy. The Japanese Political Economy, 47(2–3): 190– 212.

    • Crossref
    • Search Google Scholar
    • Export Citation
  • Collapse
  • Expand
Cover Acta Oeconomica
Acta Oeconomica Periodical of the Hungarian Academy of Sciences
Print ISSN:
0001-6373
Online ISSN:
1588-2659
Submit Your Manuscript
 
The author instruction is available in PDF.
Please, download the file from HERE.

 

The description of the refereeing procedure is available in PDF.
Please, download the file from HERE.

 

 

Senior editors

Editor(s)-in-Chief: Prof. Dr. Mihályi, Péter

Editor(s): Ványai, Judit

Editorial Board

  • Ádám Török (Chairman) / University of Pannonia; Budapest University of Technology and Economics
  • Edina Berlinger / Corvinus University of Budapest, Department of Finance
  • Beáta Farkas / Faculty of Economics and Business Administration, University of Szeged
  • Péter Halmai / Budapest University of Technology and Economics; National University of Public Service
  • István Kónya / Institute of Economics Centre for Regional and Economic Studies, University of Pécs
  • János Köllő / Institute of Economics Centre for Regional and Economic Studies
  • István Magas / Corvinus University of Budapest, Department of World Economy; University of Physical Education, Department. of Sports and Decision Sciences
 

Advisory Board

  • Ǻslund, Anders, Institute of International Economics, Washington (USA)
  • Kolodko, Grzegorz, Kozminski University, Warsaw (Poland)
  • Mau, Vladimir, Academy of National Economy (Russia)
  • Messerlin, Patrick A, Groupe d’Economie Mondiale (France)
  • Saul Estrin, London School of Economics (UK)
  • Wagener, Hans-Jürgen, Europa Universität Viadrina (Germany)

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

Indexing and Abstracting Services:

  • CABELLS Journalytics
  • EconLit
  • Elsevier GEO Abstracts
  • GEOBASE
  • Index Copernicus
  • International Bibliographies IBZ and IBR
  • JEL
  • Referativnyi Zhurnal
  • RePEc
  • SCOPUS
  • Social Science Citation Index

 

2022  
Web of Science  
Total Cites
WoS		 314
Journal Impact Factor 0.8
Rank by Impact Factor

Economics 334/380
TBA
Impact Factor
without
Journal Self Cites		 0.6
5 Year
Impact Factor		 0.8
Journal Citation Indicator 0.29
Rank by Journal Citation Indicator

Economics 421/581

 
Scimago  
Scimago
H-index		 18
Scimago
Journal Rank		 0.23
Scimago Quartile Score

Economics and Econometrics Q3
Scopus  
Scopus
Cite Score		 1.1
Scopus
CIte Score Rank		 Economics and Econometrics 521/705 (26th PCTL)
TBA
Scopus
SNIP		 0.540

2021  
Web of Science  
Total Cites
WoS		 285
Journal Impact Factor 0,939
Rank by Impact Factor Economics 326/379
Impact Factor
without
Journal Self Cites		 0,646
5 Year
Impact Factor		 0,740
Journal Citation Indicator 0,34
Rank by Journal Citation Indicator Economics 389/570
Scimago  
Scimago
H-index		 15
Scimago
Journal Rank		 0,285
Scimago Quartile Score Economics and Econometrics (Q3)
Scopus  
Scopus
Cite Score		 1,4
Scopus
CIte Score Rank		 Economics and Econometrics 436/696 (Q3)
Scopus
SNIP		 0,507

2020  
Total Cites 275
WoS
Journal
Impact Factor		 0,875
Rank by Economics 325/377 (Q4)
Impact Factor  
Impact Factor 0,534
without
Journal Self Cites
5 Year 0,500
Impact Factor
Journal  0,38
Citation Indicator  
Rank by Journal  Economics 347/549 (Q3)
Citation Indicator   
Citable 37
Items
Total 37
Articles
Total 0
Reviews
Scimago 13
H-index
Scimago 0,292
Journal Rank
Scimago Economics and Econometrics Q3
Quartile Score  
Scopus 225/166=1,4
Scite Score  
Scopus Economics and Econometrics 392/661 (Q3)
Scite Score Rank  
Scopus 0,668
SNIP  
Days from  289
submission  
to acceptance  
Days from  447
acceptance  
to publication  

2019  
Total Cites
WoS		 212
Impact Factor 0,914
Impact Factor
without
Journal Self Cites		 0,728
5 Year
Impact Factor		 0,650
Immediacy
Index		 0,156
Citable
Items		 45
Total
Articles		 45
Total
Reviews		 0
Cited
Half-Life		 3,9
Citing
Half-Life		 9,5
Eigenfactor
Score		 0,00015
Article Influence
Score		 0,052
% Articles
in
Citable Items		 100,00
Normalized
Eigenfactor		 0,01891
Average
IF
Percentile		 28,437
Scimago
H-index		 12
Scimago
Journal Rank		 0,439
Scopus
Scite Score		 214/165=1,3
Scopus
Scite Score Rank		 Economics and Econometrics 355/637 (Q3)
Scopus
SNIP		 0,989

 

Acta Oeconomica
Publication Model Hybrid
Submission Fee none
Article Processing Charge 900 EUR/article
Printed Color Illustrations 40 EUR (or 10 000 HUF) + VAT / piece
Regional discounts on country of the funding agency World Bank Lower-middle-income economies: 50%
World Bank Low-income economies: 100%
Further Discounts Editorial Board / Advisory Board members: 50%
Corresponding authors, affiliated to an EISZ member institution subscribing to the journal package of Akadémiai Kiadó: 100%
Subscription fee 2023 Online subsscription: 620 EUR / 750 USD
Print + online subscription: 724 EUR / 880 USD
Subscription Information Online subscribers are entitled access to all back issues published by Akadémiai Kiadó for each title for the duration of the subscription, as well as Online First content for the subscribed content.
Purchase per Title Individual articles are sold on the displayed price.

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.
Publisher Akadémiai Kiadó
Publisher's
Address		 H-1117 Budapest, Hungary 1516 Budapest, PO Box 245.
Responsible
Publisher		 Chief Executive Officer, Akadémiai Kiadó
ISSN 0001-6373 (Print)
ISSN 1588-2659 (Online)

Monthly Content Usage

Abstract Views Full Text Views PDF Downloads
Jun 2023 16 0 0
Jul 2023 21 0 0
Aug 2023 41 0 0
Sep 2023 19 0 0
Oct 2023 17 6 0
Nov 2023 54 8 1
Dec 2023 7 0 0