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Exploitation and Profits: A General Axiomatic Approach in Convex Economies with Heterogeneous Agents

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  • Veneziani, Roberto
  • Yoshihara, Naoki
  • 吉原, 直毅
  • ヨシハラ, ナオキ
Abstract
This paper provides an innovative axiomatic analysis of the notion of exploitation as the unequal exchange of labour, focusing on the relation between exploitation and profits. General convex economies with heterogeneous agents endowed with unequal amounts of physical and human capital are considered. An axiomatic characterisation of the class of definitions that preserve the Fundamental Marxian Theorem (FMT) in this general context is derived. It is shown that none of the main received definitions preserves the FMT. Instead, a definition related to the ‘New Interpretation’ (Dum?nil, 1980; Foley, 1982) is presented which preserves the FMT and allows one to generalise a number of key insights of exploitation theory to complex advanced economies.

Suggested Citation

  • Veneziani, Roberto & Yoshihara, Naoki & 吉原, 直毅 & ヨシハラ, ナオキ, 2010. "Exploitation and Profits: A General Axiomatic Approach in Convex Economies with Heterogeneous Agents," Discussion Paper Series a542, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:hituec:a542
    Note: This version: September 2010
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    References listed on IDEAS

    as
    1. Peter Flaschel, 2010. "Topics in Classical Micro- and Macroeconomics," Springer Books, Springer, number 978-3-642-00324-0, January.
    2. Roberto Veneziani & Naoki Yoshihara, 2011. "Strong Subjectivism In The Marxian Theory Of Exploitation: A Critique," Metroeconomica, Wiley Blackwell, vol. 62(1), pages 53-68, February.
    3. Gérard Duménil & Duncan Foley & Dominique Lévy, 2009. "A Note On The Formal Treatment Of Exploitation In A Model With Heterogenous Labor," Metroeconomica, Wiley Blackwell, vol. 60(3), pages 560-567, July.
    4. Takao Fujimoto & Arrigo Opocher, 2010. "Commodity Content In A General Input–Output Model: A Reply To Bellino, Yoshihara And Veneziani," Metroeconomica, Wiley Blackwell, vol. 61(4), pages 754-758, November.
    5. Foley, Duncan K., 1982. "Realization and accumulation in a Marxian model of the circuit of capital," Journal of Economic Theory, Elsevier, vol. 28(2), pages 300-319, December.
    6. Tadasu Matsuo, 2008. "Profit, Surplus Product, Exploitation And Less Than Maximized Utility: A New Equivalence Proposition On The Fundamental Marxian Theorem," Metroeconomica, Wiley Blackwell, vol. 59(2), pages 249-265, May.
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    14. Yoshihara, Naoki, 2003. "Characterizations of bargaining solutions in production economies with unequal skills," Journal of Economic Theory, Elsevier, vol. 108(2), pages 256-285, February.
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    16. Reiko Gotoh & Naoki Yoshihara, 2003. "A class of fair distribution rules à la Rawls and Sen," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 22(1), pages 63-88, August.
    17. Marc Fleurbaey, 2012. "Three Solutions for the Compensation Problem," World Scientific Book Chapters, in: Equality of Opportunity The Economics of Responsibility, chapter 2, pages 33-51, World Scientific Publishing Co. Pte. Ltd..
    18. Roberto Veneziani, 2004. "The Temporal Single‐system Interpretation of Marx's Economics: A Critical Evaluation," Metroeconomica, Wiley Blackwell, vol. 55(1), pages 96-114, February.
    19. Veneziani, Roberto, 2007. "Exploitation and time," Journal of Economic Theory, Elsevier, vol. 132(1), pages 189-207, January.
    20. Naoki Yoshihara & Roberto Veneziani, 2009. "Exploitation as the Unequal Exchange of Labour: An Axiomatic Approach," Working Papers 655, Queen Mary University of London, School of Economics and Finance.
    21. Roberto Veneziani, 2012. "Analytical Marxism," Journal of Economic Surveys, Wiley Blackwell, vol. 26(4), pages 649-673, September.
    22. Roberto Veneziani & Naoki Yoshihara, 2011. "Strong Subjectivism In The Marxian Theory Of Exploitation: A Critique," Metroeconomica, Wiley Blackwell, vol. 62(1), pages 53-68, February.
    23. Takashi Negishi, 1999. "Unequal Exchange and Exploitation," The Japanese Economic Review, Japanese Economic Association, vol. 50(2), pages 113-121, June.
    24. Sylla, Richard, 1998. "Comments on "Marx, economies of scale, and the falling rate of profit" by T. Negishi," Japan and the World Economy, Elsevier, vol. 10(3), pages 265-266, July.
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    27. Flaschel, Peter, 1984. "The so-called "transformation problem" revisited: A comment," Journal of Economic Theory, Elsevier, vol. 33(2), pages 349-351, August.
    28. Roemer, John E, 1980. "A General Equilibrium Approach to Marxian Economics," Econometrica, Econometric Society, vol. 48(2), pages 505-530, March.
    29. John E. Roemer & Roberto Veneziani, 2004. "What We Owe Our Children, They Their Children, …," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 6(5), pages 637-654, December.
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    Cited by:

    1. Roberto Veneziani & Naoki Yoshihara, 2010. "Exploitation and Profits: A General Axiomatic Approach in Convex Economies with Heterogeneous Agents," UMASS Amherst Economics Working Papers 2010-12, University of Massachusetts Amherst, Department of Economics.
    2. Yoshihara, Naoki & 吉原, 直毅 & ヨシハラ, ナオキ & Roberto Veneziani, 2011. "Exploitation of Labour and Exploitation of Commodities: A "New Interpretation"," Discussion Paper Series 556, Institute of Economic Research, Hitotsubashi University.

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    More about this item

    Keywords

    Exploitation; convex economies; heterogeneous agents; New Interpretation;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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