Monetary Expressions of Labor Time and Market Prices: Theory and Evidence from China, Japan and Korea

Lefteris Tsoulfidis () and Dimitris Paitaridis

MPRA Paper from University Library of Munich, Germany

Abstract: This paper presents estimates of labor values and prices of production following two approaches: The first, based on the classical and Marxian theory of value and distribution; while, the second is based on the so-called new solution to the transformation problem and its variant the Temporary Single-System Interpretation (TSSI). The major advantage of the latter approach is its simplicity along with the relatively low data requirements. Our empirical findings from the economies of China, Japan and South Korea suggest that both approaches give estimates of labor values and prices of production which are extremely close to each other as well as to actual market prices. On further examination, however, we conclude that our empirical findings are absolutely consistent with the theoretical requirements of the classical approach and contradict those of the TSSI.

Keywords: Marxian theory; labor theory of value; TSSI; vertical integration (search for similar items in EconPapers)
JEL-codes: B00 B14 B16 B3 B5 B51 C67 D30 D4 (search for similar items in EconPapers)
Date: 2016-06-25
New Economics Papers: this item is included in nep-cna and nep-hme
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Journal Article: Monetary Expressions of Labour Time and Market Prices: Theory and Evidence from China, Japan and Korea (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:72202

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