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Cambridge Journal of Economics 26:359-369 (2002)
Copyright © 2002 Cambridge Political Economy Society

Article

Values, prices of production and market prices: some more evidence from the Greek economy

Lefteris Tsoulfidis and Thanasis Maniatis *

*Department of Economics, University of Macedonia, Thessaloniki, and Centre of Planning and Economic Research and Department of Economics, University of Athens.

Address for correspondence: Lefteris Tsoulfidis, Department of Economics, University of Macedonia, 156 Egnatía Str, PO Box 1591, 54006 Thessaloníki, Greece; email: lnt{at}uom.gr

Abstract

This paper extends the empirical investigation of the relation between labour values and different price forms in the case of the Greek economy. Subjecting the labour theory of value to empirical tests with data from various countries helps in the derivation of general conclusions regarding its empirical validity and practical usefulness. Our results on the closeness of values and prices as measured by their absolute deviation and correlation, the shape of the wage–profit curves, the predictive power of labour values over market prices compared with other ‘value bases’, and the comparison of fundamental Marxian categories when estimated in value and price terms provide further support for the empirical strength of the labour theory of value.

Key Words: Greek economy • Labour theory of value


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