The Empirics of the Labour Theory of Value: Reply to Nitzan and Bichler

Paul Cockshott, Allin Cottrell and Alejandro Valle Baeza

EconStor Open Access Articles and Book Chapters, 2014, vol. LXXIII, issue 287, 115-134

Abstract: The labor theory of value, originated in the classics and reformulated by Marx, has found support in numerous empirical works during the last thirty years. In many economies, sectors in monetary terms are highly correlated with them in terms of labor values. In his book Capital as Power (2009), and in a subsequent discussion online, Jonathan Nitzan and Shimshon Bichler argue that such results are invalid because the calculations do not use labor value variables but two monetary variables are correlated. Nitzan and Bichler also argue that are spurious correlations by the presence of a third variable. This article refutes both critics and consequently reinforces the empirical support for the theory of labor value. [For the original exchange, see: "Testing the Labour Theory of Value: An Exchange" here: http://bnarchives.yorku.ca/308/]

Keywords: empirical verification and Marxist theory; labour theory of value; spurious correlation (search for similar items in EconPapers)
Date: 2014
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/157802/1/b ... valle_baeza_2014.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zbw:espost:157802

Access Statistics for this article

More articles in EconStor Open Access Articles and Book Chapters from ZBW - Leibniz Information Centre for Economics Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().