Labor Specialization and the Transformation Problem

David Gleicher
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David Gleicher: Dept. of Economics, Adelphi University, Garden City, N.Y. 11530

Review of Radical Political Economics, 1989, vol. 21, issue 1-2, 75-95

Abstract: An extended formal model of value and price is constructed that includes within it "specialized labor" according to occupation, and therefore variations in real wage rates between workers. A "classical Marxist" approach is taken, and the "new approach" of Dumenil, Foley and Lipietz is criticized. It is demonstrated that the "fundamental theorem" as usually stated only applies to a simple model in which the wage-good rate is assumed to be uniform across occupations. In the context of the more complex model introduced, negative rates of exploitation associated with certain occupations and/or negative rates of surplus value associated with certain industries are shown to be be compatible with a viable capitalist economy. Nonetheless, it remains the cs I &a capitalist economy is viable only if the class of workers as a whole generates more value than iyreates)he fundamental model thereby is modified, but not gainsaid.

Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:21:y:1989:i:1-2:p:75-95

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