Date: Sun, 23 Apr 95 06:56:17 BST From: Chris Burford <cburford-AT-gn.apc.org> Subject: Testing Marx: the LTV Labour Theory of Value: Testing Marx. The Spring 1995 issue of Capital and Class (number 55 and subscription details from CSE, 25, Horsell Road, London N5 1LX tel/fax 0171-607-9615) carries an article by Paul Cockshott, Allin Cottrell and Greg Michaelson, testing certain Marxist propositions, including the Labour Theory of Value, against empirical input-output data from Britain. The methodology is described in commendable detail. Although I am not qualified myself to judge the technical aspects, the article is now in the public realm and has a right to ask for support or correction. It seems fairer that Paul himself should not have to seek this and therefore I am posting the conclusion of the article and asking Marxist economists, both those who support the labour theory of value and those who dissociate themselves from it, if possible to note this article and to respond. Chris Burford __________________________________ Conclusion of article: >>> "The empirical data we have presented lend strong support to two key theses of historical materialism and conditional support to a third. First, we have been able to confirm the work of Shaikh, Petrovic and Ochoa [for the US, Italian and Yugoslav economies] in demonstrating the validity of the classical labour theory of value. Second, we have shown that Marx's immiseration hypothesis, interpreted as a tendency for the rate of exploitation of productive labour to rise, is valid. Third, we have produced evidence that the hypothesis of a rising organic composition of capital and a falling rate of profit has some validity, but is crucially conditional on active capital accumulation, which cannot always be assumed. Our most general conclusion, in line with the other recent work cited in the Introduction, is that Marxian economics has nothing to fear, and a good deal to gain, from a confrontation with the data-record for actual capitalist economies." <<< --- from list marxism-AT-lists.village.virginia.edu --- ------------------
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