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 a542, 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, focusing on the relation between exploitation and profits. 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 preserve the Fundamental Marxian Theorem (FMT) in this general context is derived. It is shown that none of the main received definitions preserves the FMT. Instead, a definition related to the ‘New Interpretation’ (Dum?nil, 1980; Foley, 1982) is presented which preserves the FMT 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)
Date: 2010-10
Note: This version: September 2010
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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:a542

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