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ESTIMATING SECTORAL RATES OF SURPLUS VALUE: METHODOLOGICAL ISSUES
Author(s) -
Rieu DongMin
Publication year - 2008
Publication title -
metroeconomica
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.256
H-Index - 29
eISSN - 1467-999X
pISSN - 0026-1386
DOI - 10.1111/j.1467-999x.2008.00322.x
Subject(s) - economics , value (mathematics) , expression (computer science) , prices of production , surplus value , estimation , interpretation (philosophy) , econometrics , macroeconomics , microeconomics , mathematics , production (economics) , statistics , computer science , law , politics , political science , capitalism , management , programming language
ABSTRACT The ‘New Interpretation’ (NI) argues that Marxian value categories can be measured using price variables through the concept of monetary expression of labour time (MELT). Starting from the central insight of the NI, this paper focuses on the estimation of sectoral rates of surplus value. It will be suggested that the MELT is decomposed into two concepts, ‘value expression of labour time’ and ‘monetary expression of value’. As a result of this theoretically general consideration, the NI will be critically examined.