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On the Ricardian invariable measure of value in general convex economies

Author

Listed:
  • Kazuhiro Kurose

    (Tohoku University)

  • Naoki Yoshihara

    (School of Economics and Management, Kochi University of Technology)

Abstract
This study examines the possibility of an invariable measure of value when price changes induced by income redistribution between profit and wages take place in general convex economies. While Ricardo searched for an invariable measure of value with respect to changes in both the factor income distribution and the technique, Sraffa constructed a standard commodity serving as a measure of the change in a factor income distribution alone by leaving aside the possibility of changes in the size and composition of output and means of production. This study allows for the possibility that a change in factor income distribution involves a change in technique, and proposes an extension of Sraffa’s standard commodity. Then, we show that it serves as an invariable measure of value with respect to the income redistribution, even though it involves a change in technique. Finally, we examine whether the linear distributional relation is preserved.

Suggested Citation

  • Kazuhiro Kurose & Naoki Yoshihara, 2018. "On the Ricardian invariable measure of value in general convex economies," Working Papers SDES-2018-15, Kochi University of Technology, School of Economics and Management, revised Oct 2018.
    • Handle: RePEc:kch:wpaper:sdes-2018-15
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    File URL: http://www.souken.kochi-tech.ac.jp/seido/wp/SDES-2018-15.pdf
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    References listed on IDEAS

    as
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    Cited by:

    1. Kurose, Kazuhiro, 2021. "Models of structural change and Kaldor’s facts: Critical survey from the Cambridge Keynesian perspective," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 267-277.

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    More about this item

    Keywords

    Ricardo’s invariable measure of value; Sraffa’s standard commodity; Linear relation of factor income distribution; General convex economies;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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