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Testing Marx with Input Output Tables

William Cockshott (), A. Cottrell and G. Michaelson
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A. Cottrell: Wake Forest University
G. Michaelson: Heriot Watt University

Method and Hist of Econ Thought from EconWPA

Abstract: The paper describes an attempt to use the British Input Output tables and other computer readable British Economic statistics to test hypotheses about the labour theory of value. Inversion of the I/O matrices is used to obtain estimates of values for commodity groups and the correlations between these and prices are computed. The results show a very high level of correlation between values and prices.

Keywords: labour theory of value; Marx; Ricardo (search for similar items in EconPapers)
JEL-codes: B (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hpe
Date: 2004-06-07
Note: Type of Document - pdf; pages: 19
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