Author: Kliman, Andrew J.

Source: Cambridge Journal of Economics, Volume 29, Number 2, March 2005 , pp. 317-323(7)

Publisher: Oxford University Press

Abstract:

This note reaffirms the author's conclusion that measured price–value correlations have been tainted by the influence of industry size and are therefore spurious. ‘Deflation’ of sectoral prices and values by costs destroys the correlation only because the theory in question is false, as the author's original paper proved deductively. Cockshott and Cottrell's results do not refute this proof. Deflation destroys the correlation between their simulated prices and values precisely because their simulation model assumes that the theory is false.

Keywords: Labour theory of value; Price theory; Input–output analysis

Document Type: Research article

DOI: http://dx.doi.org/10.1093/cje/bei016

Affiliations: 1: Pace University

Publication date: 2005-03-01

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• The Cambridge Journal of Economics, founded in 1977 in the traditions of Marx, Keynes, Kalecki, Joan Robinson and Kaldor, provides a forum for theoretical, applied, policy and methodological research into social and economic issues.

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