Exploitation and Profits: A General Axiomatic Approach in Convex Economies with Heterogeneous Agents

Roberto Veneziani, Naoki Yoshihara (), 直毅 吉原 and ナオキ ヨシハラ

No 542, Discussion Paper Series from Institute of Economic Research, Hitotsubashi University

Abstract: This paper provides an innovative axiomatic analysis of the notion of exploitation as the unequal exchange of labour. General convex economies with heterogeneous agents endowed with unequal amounts of physical and human capital are considered. An axiomatic characterisation of the class of definitions that satisfy a weak domain condition and the profit-exploitation correspondence principle (PECP) is derived. It is shown that none of the main received definitions preserves the PECP. Instead, a novel definition is presented which satisfies the PECP and allows one to generalise a number of key insights of exploitation theory to complex advanced economies.

Keywords: Exploitation; convex economies; heterogeneous agents; New Interpretation (search for similar items in EconPapers)
JEL-codes: B51 D51 D63 D70 (search for similar items in EconPapers)
Pages: 40 pages
Date: 2010-10
Note: This version: April 2011
References: View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/19095/DP542.pdf

Related works:
Working Paper: Exploitation and Profits: A General Axiomatic Approach in Convex Economies with Heterogeneous Agents (2011)
Working Paper: Exploitation and Profits: A General Axiomatic Approach in Convex Economies with Heterogeneous Agents (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:hit:hituec:542

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