Chapter 8 On the labor theory of value

Statistical artefacts or regularities?

Bibliographic Data

ID23209248
AuthorsLefteris Tsoulfidis (0000-0003-2691-0128), Dimitris Paitaridis
Year2009
Pages209-232
Publication date2009-01-01
Peer ReviewedYes
Open AccessYes
TypeCHAPTER
VenueWhy Capitalism Survives Crises The Shock Absorbers (SOURCE_BOOK)
PublisherEmerald Group Publishing Limited (PUBLISHER)
DOI10.1108/s0161-7230(2009)0000025011
OpenAlexW2485019005
ISBN9781848555860
LanguageEN
Citations received5
References cited14

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.

Classical economics · Consistency (knowledge bases) · Econometrics · Economics · Empirical examination · Empirical research · Estimation · Interpretation (philosophy) · Linguistics · Management · Mathematical economics · Microeconomics · Neoclassical economics · Production (economics) · Production theory · Statistics · Value (mathematics) · Economic Theory and Institutions · Economic Theory and Policy · Mathematics · Philosophy · Political Economy and Marxism

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