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NobuoOkisio
of Labor
II. Value: Productivity
One centralnotionin Marxianeconomics is theconceptof'Values/'
The value of a commodity is measuredby the totalamountof labor
necessary to producea unitof the commodity withstandardmethods
ina society.
Whatequations determine thevalueofa commodity ? And on
whatfactorsdoes the value of a commodity depend?
Thevalueoftheithcommodity ist4inournotation. Andifthestandard
production methodin theithindustry is givenas (ailt. . ., ain>t¿),then
thevaluesofthecommodities aredetermined bythefollowing equations1:
* = SO0*y+ T< (♦ = 1,2, ...,n) (I).
Thusthevalueof a commodity dependsnotonlyon thestandardpro-
ductionmethodin thegivenindustry but thosein theindustries whose
are
products directly or indirectly
necessary the
to produce commodity.
Equations(i) have an economically meaningful > 0), ifand
solution(¿,-
only if the matrix
IE - A). A^fai) (2)
satisfiesthe well-known Simon-Hawkins' conditions2. The required
conditions mean that societycan obtainpositivenet outputsusing
standardproduction methods.These conditions mustbe satisfied, if
production is to be meaningful.We assumetheseconditions throughout
thispaper.
SomecriticsarguethatMarxfailedto takeaccountoftheheterogene-
ous characterof laborin determining the valuesof commodities8. To
1 These equationsare identicalwith KennethMay's equations (5') in his article"The
StructureofClassicalValue Theories",TheReviewofEconomicStudies,Vol. XVII, Cambridge,
England,1949- 1950,p. 63.
■Gerard Debreu and J. I. Herstein,"NonnegativeSquare Matrices",Econometrica,
Vol. XXI, Chicago,111.,1953,pp. 597 sqq.
3 The idea developedbelow is foundedin: Rudolf Hilferding, "Böhm-BawerksMarx-
Kritik",in: Marx-Studien, Blätterzur Theorieund Politikdes wissenschaftlichen
Sozialismus,
hrsg.von Max Adlerund RudolfHilferding, Bd. I, Wien, 1904.
»-itìw'" ('S-
In the same way, we are able to calculateeasilythe effectsof the above
three factorson the employmentlevel. In Marxian terminology these
effectscan be explainedas follows:(1) The independentrise in the rate
ofreal wages decreasesthe rateofexploitationand in thiscase capitalists'
demand forsurpluslabor (= 2 u¿¿¿)is constant,so in orderto exploit
this constant amount of surplus labor capitalistsmust employ more
labor. («2)The independentimprovement in productivity increasestherate
ofexploitationso faras theimprovement directlyorindirectly concernsthe
wage-goodsindustries. Andiftheimprovement takesplacein theindustries
whoseoutputsaredemandedby capitalists,thenthisdecreasesthedemand
forsurpluslabor,thus reducingthe employment level. (3) The independ-
ent increase of capitalists'demand for surplusproductsincreasesthe
capitalists'demand forsurpluslabor and keeps the rate of exploitation
unchanged,so that the capitalistsmust employmorelabor.
where ß = 1/(1+ r) > 0 and pjw = q{ > 0. If the rate of real wages
rises in responseto the relation(19), then the new rate of profitr' and
new price-wageratios {qxf, . . . , qn') must satisfythe equations
ß' q/ = S a{i q/ + T< (21),
ß' (ft'- ft*) > S a{j (q{ - ft*) + ft*(ß* - ß') (31)
o = sv (ft'- ft*) (32).
Since we knowthat the matrix
WE - A) (33)
satisfiesSimon-Hawkins1 conditionsand ft* > 0, we may say from(31)
that (ft'- ft*) > 0 forall i, if (ß* - ß') ^ 0. But (32) rejects(ft'- ft*)> 0
forall i. Hence we concludeß* < ß'. (Q. E. D.)
VI. Transformation
Problem
In the Marxian systemthe concepts and propositionsin termsof
prices are based on value. The aim of such an approachis to revealthe
social implicationsof economicphenomena.But it is difficult to relate
quantitativelythese two worlds. This is the so-called transformation
problemin a widersense. In this last sectionwe shall presentcertain
quantitativerelationshipsbetweenthe priceworldand the value world.
(1) If the rate of surplusvalue is positive,then the rate of normal
profitis not greaterthan the rate of surplusvalue, 0 < r ^ e. This was
proved by Marx by the simple relation; -V ^ V+ C
, where equality
sign drops if c > 0. But a furtherproofis needed,because aftertrans-
formationto productionpricethe rate of normalprofitis not necessarily
equal to m'(v + c), whereof coursem,v, c are measuredin value term,
not priceterm.
^xlíV' (43)-
Since we assume that the rate of normalprofitis positive,X > 1, ß < 1,
and hence t4= krifk = (1 - X)/x(ß - 1) > 0.
Next we mustshow if ¿t- = k^ forall i, thenq{ = X¿¿forall i. From
(20) and (1), we get
ß (ft- y = L^ (?;-- ^ + (1 - ß) ^ (44)-
Substituting ^ = ÄTf-into (44), we get
- = s - - ß) h*t
ß (ft « «i/(?; ';) + d (45).
Comparing(45) with(20), we obtain
(ft-«/*(l-ß)=ft (46).
Thus we arriveat
ft= *,/O-U-ß)*} (47).
* * *