Testing the labor theory of value in Sweden
نویسنده
چکیده
This study aims to investigate the empirical strength of the labor theory of value. Using input-output data and labor hour statistics for Sweden it replicates tests done by Cockshott and Cottrell (1998) for the British economy. Its results are broadly consistent: labor values are closely correlated with market prices. When it comes to reality, the labor theory of value works at least as well as the theory of production prices.
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