A NOTE ON THE FORMAL TREATMENT OF EXPLOITATION IN A MODEL WITH HETEROGENOUS LABOR

Gérard Duménil, Duncan Foley and Dominique Lévy

Metroeconomica, 2009, vol. 60, issue 3, 560-567

Abstract: The paper presents a formal generalization of Marx's analysis of exploitation and prices in economies in which categories of labor are distinguished according to their unequal ability to create exchange value. Measures of exploitation of categories of labor which are consistent with both the Price of Net Product‐Unallocated Purchasing Power (PNP‐UPP) (New Interpretation) and the traditional interpretation of Marx's theory of value are defined which aggregate consistently over labor categories and sectors. In order to measure rates of exploitation from real economic data some additional assumption about relative rates of exploitation (which Marx often explicitly assumes to be equal) is required.

Date: 2009
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