Exploitation of Labor and Profit: The ‘New Interpretation’ and an Axiomatic Approach
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This paper deals with a recent interpretation of the Marxian theory of labor exploitation entitled an ‘axiomatic approach’ (AA). In particular, the relation between the ‘New Interpretation’ (NI) and the AA is examined. It is shown that behind the sophisticated mathematical analysis of the approach lies the NI’s simple insight into Marxian value theory. The AA’s definition of ‘labor embodied’ is similar to Keynes’s concept of ‘wage-unit,’ which implies that the AA is premised upon more restricted assumptions than the NI. The NI is arguably superior to the AA in the sense that fewer assumptions and definitions are required to ‘prove’ essentially the same results.
Abstract
This paper deals with a recent interpretation of the Marxian theory of labor exploitation entitled an ‘axiomatic approach’ (AA). In particular, the relation between the ‘New Interpretation’ (NI) and the AA is examined. It is shown that behind the sophisticated mathematical analysis of the approach lies the NI’s simple insight into Marxian value theory. The AA’s definition of ‘labor embodied’ is similar to Keynes’s concept of ‘wage-unit,’ which implies that the AA is premised upon more restricted assumptions than the NI. The NI is arguably superior to the AA in the sense that fewer assumptions and definitions are required to ‘prove’ essentially the same results.
참고문헌 (17)
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