On the Ricardian Invariable Measure of Value in General Convex Economies
Kazuhiro Kurose and
Naoki Yoshihara ()
No 684, Discussion Paper Series from Institute of Economic Research, Hitotsubashi University
This study examines the possibility of an invariable measure of value when price changes induced by income redistribution between profit and wages take place in general convex economies. While Ricardo searched for an invariable measure of value with respect to changes in both the factor income distribution and the technique, Sraffa constructed a standard commodity serving as a measure of the change in a factor income distribution alone by leaving aside the possibility of changes in the size and composition of output and means of production. This study allows for the possibility that a change in factor income distribution involves a change in technique, and proposes an extension of Sraffa’s standard commodity. Then, we show that it serves as an invariable measure of value with respect to the income redistribution, even though it involves a change in technique. Finally, we examine whether the linear distributional relation is preserved.
Keywords: Ricardo’s invariable measure of value; Sraffa’s standard commodity; Linear relation of factor income distribution; General convex economies (search for similar items in EconPapers)
JEL-codes: B51 D33 D51 (search for similar items in EconPapers)
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Working Paper: On the Ricardian invariable measure of value in general convex economies (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:hit:hituec:684
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