Testing Böhm-Bawerk’s theory of capital: Some evidence from the Finnish economy

Theodore Mariolis (), George Soklis and Eugenia Zouvela

The Review of Austrian Economics, 2013, vol. 26, issue 2, 207-220

Abstract: This paper considers the pure labour theory of value and Böhm-Bawerk’s theory of capital as approximations of Sraffa’s model of single production, and tests them with data from the Symmetric Input-output Tables of the Finnish economy. The results show that (i) in comparison with the labour values, the actual Böhm-Bawerkian production prices are ‘equally’ good or even better approximations of the actual Sraffian production prices and market prices; and (ii) the Sraffian production price-profit rate relationship is, by and large, governed by the differences in the Böhm-Bawerkian average periods of production. Copyright Springer Science+Business Media, LLC 2013

Keywords: Average period of production; Böhm-Bawerk’s theory of capital; Empirical labour theory of value; Sraffian theory; B25; B51; C67; D46; D57 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s11138-012-0187-3

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