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Cambridge Journal of Economics 26:299-311 (2002)
Copyright © 2002 Cambridge Political Economy Society

Article

The law of value and laws of statistics: sectoral values and prices in the US economy, 1977–97

Andrew J. Kliman

Pace University.

Address for correspondence: Andrew J. Kliman, Department of Economics, Pace University, Pleasantville, NY 10570, USA; email: Andrew_Kliman{at}msn.com or akliman{at}pace.edu

Abstract

This study replicates findings that sectoral prices and values are highly correlated cross-sectionally, and that deviations between them are small. Yet after controlling for variations in industry size that produce ‘spurious correlation’, I find no reliable evidence that relative values have any influence upon relative prices. The smallness of price–value deviations thus does not result from such an influence; it is shown instead to result from a lack of dispersion in the data. Values turn out to be no better predictors of prices than any other random variable with the same probability distribution.

Key Words: Value • Price • Marx • Correlation


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