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Can we trust in cross-sectional price-value correlation measures? some evidence from the case of Spain

Emilio Díaz () and Ruben Osuna ()

Journal of Post Keynesian Economics, 2005, vol. 28, issue 2, 345-363

Abstract: The literature on price-value relations has frequently used correlation measures in testing the theory of labor value--that is, values are good proxies to prices or, alternatively, they explain, in some sense, prices. However, several authors have detected important problems that affect those measures-- particularly, a problem of spurious correlation that invalidates the statistical results typically obtained in the literature. In this paper, we show, using data from Spain (1986-94), that spurious correlation cannot be empirically treated, due to a more general problem of indeterminacy affecting any correlation measure.

Date: 2005
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DOI: 10.2753/PKE0160-3477280209

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Handle: RePEc:mes:postke:v:28:y:2005:i:2:p:345-363