Re: [OPE] CAPITAL AS POWER: free PDF download

From: Paul Cockshott <>
Date: Thu Dec 09 2010 - 03:28:43 EST

Allin Cottrell gave a mathmatical refutation of this objection back in the 1990s at a paper to the Eastern Economic Association
here :
The objection is without real substance and anyway does not apply to some of the studies in the literature.
As I understand it Daves figures use numbers of workers not wages to derive labour values, I think that some of the early studies
by Ochoa using Leontiefs original I/O tables did the same

From: [] On Behalf Of Ian Wright []
Sent: Thursday, December 09, 2010 12:50 AM
To: Outline on Political Economy mailing list
Subject: Re: [OPE] CAPITAL AS POWER: free PDF download

Nitzan & Bichler excerpt their critique of the emprical data on
price-value correlation under this link in their reply to Cockshott:

One reason they reject the data is that in many empirical studies
labor-values are inferred from input-output prices. So they charge
that the approach is circular. I am not sure that follows, I would
need to think about it. However, I think that in Dave's empirical work
he actually got hold of independent labor hours worked (from
government studies), and found the same close correlation. So no
circularity here. Is that correct Dave? Or do I misremember?

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Received on Thu Dec 9 03:34:35 2010

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