Values, Prices, and Wage-Profit Curves in the U.S. Economy

Eduardo M Ochoa

Cambridge Journal of Economics, 1989, vol. 13, issue 3, 413-29

Abstract: This paper presents labor values and prices of production calculated for the postwar U.S. economy using a seventy-one-sector input-output model with fixed capital, as well as actual wage-profit curves during the same period. It is found that the cross-sectional deviations of values and prices of production from market prices are quite small: between 12 and 14 percent on average. Over time, approximately 75 percent of the variation of market prices is accounted for by changes by both values and prices of production, and 93 percent of the variation of prices of production is accounted for by changes in labor values. Wage-profit curves exhibit near-linearity, casting some doubt on the significance of reswitching for actual economies. Copyright 1989 by Oxford University Press.

Date: 1989
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