"No agreement has been reached as to what labor theory of value is (Foley, 2000), Itoh, 1988; Kliman, 2006; Laibman, 1992 and Mohun, 2000). Paradoxically there are empirical studies showing strong association between labor values and market prices. Such works could inject new energy into Marxist theory of value; nevertheless some critics have questioned such empirical findings because: a) there is a problem of spurious correlation involved, and b) measures of association vary with changes in the physical units of the analyzed merchandises. We shall see that in this discussion there is a difficulty stemming from the definition of the problem as well as the question of the dimension of the mathematical models used. My main conclusions state that critics are wrong, and empirical studies are solid enough. These conclusions will be supported by two reasons: a) the existence of a spurious correlation does not apply to this problem according to the dimensional analysis, so well known in natural sciences, but seldom applied in economical problems; and b) dimensional analysis is essential to adequately pose the price-value association problem and thus to obtain measures that do not change with modifications of units of measurement."
This quote is from my paper: "Dimensional analysis of price-value correspondence: a spurious case of spurious correlation" Investigación económica, vol. LXIX, 274, octubre-diciembre de 2010, Full text at: http://vallebaeza.files.wordpress.com/2010/12/valle_1.pdf Alejandro Valle Baeza El 08/12/2010 02:22 p.m., Jonathan Nitzan escribió: > Testing the Labour Theory of Value: An Exchange > by Paul Cockshott, Shimshon Bichler and Jonathan Nitzan > December, 2010 > > THE QUESTIONS: Political economists have been testing the empirical > validity of Marx's labour theory of value for several decades now. Do > these tests corroborate the theory? Do they actually test it? Can they > test it? > > FULL TEXT: http://bnarchives.yorku.ca/308/ > > *** > > Recent additions and updates to the Bichler& Nitzan Archives: > http://bnarchives.yorku.ca/perl/latest > > Free to repost and circulate with due attribution under the Creative > Commons License (attribution-noncommercial-no derivative). To > unsubscribe, reply to this email with "unsubscribe" in the subject field. > _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
