Heterodox
Summary:
Coefficients for Iron-Production in the Leontief Input-Output Matrix I have uploaded a working paper with the post title. Abstract: This note demonstrates that the special case condition, needed for a simple labor theory of value, of equal organic compositions of capital does not suffice to determine technology. Prices do not vary across techniques for both techniques in a numeric example of a two-commodity linear model of production, and they are proportional to labor values. Both techniques yield the same wage curve, in which the wage is an affine function of the rate of profits. This indeterminancy generalizes to models with more than two produced commodities.
Topics:
Robert Vienneau considers the following as important: Example in Mathematical Economics, Karl Marx
This could be interesting, too:
Coefficients for Iron-Production in the Leontief Input-Output Matrix I have uploaded a working paper with the post title. Abstract: This note demonstrates that the special case condition, needed for a simple labor theory of value, of equal organic compositions of capital does not suffice to determine technology. Prices do not vary across techniques for both techniques in a numeric example of a two-commodity linear model of production, and they are proportional to labor values. Both techniques yield the same wage curve, in which the wage is an affine function of the rate of profits. This indeterminancy generalizes to models with more than two produced commodities.
Topics:
Robert Vienneau considers the following as important: Example in Mathematical Economics, Karl Marx
This could be interesting, too:
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| Coefficients for Iron-Production in the Leontief Input-Output Matrix |
I have uploaded a working paper with the post title.
Abstract: This note demonstrates that the special case condition, needed for a simple labor theory of value, of equal organic compositions of capital does not suffice to determine technology. Prices do not vary across techniques for both techniques in a numeric example of a two-commodity linear model of production, and they are proportional to labor values. Both techniques yield the same wage curve, in which the wage is an affine function of the rate of profits. This indeterminancy generalizes to models with more than two produced commodities.