Skip Navigation

Cambridge Journal of Economics 2005 29(2):317-323; doi:10.1093/cje/bei016
This Article
Right arrow Full Text
Right arrow Full Text (PDF)
Right arrow Alert me when this article is cited
Right arrow Alert me if a correction is posted
Services
Right arrow Email this article to a friend
Right arrow Alert me to new issues of the journal
Right arrow Add to My Personal Archive
Right arrow Download to citation manager
Right arrow Search for citing articles in:
ISI Web of Science (1)
Right arrowRequest Permissions
Google Scholar
Right arrow Articles by Kliman, A. J.
Right arrow Search for Related Content
Related Collections
Right arrow B24 - Socialist; Marxist; Sraffian
Right arrow D46 - Value Theory
Right arrow D57 - Input-Output Tables and Analysis
Right arrow E31 - Price Level; Inflation; Deflation
Right arrow L16 - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure; Industrial Price Indices
Social Bookmarking
Add to CiteULike   Add to Connotea   Add to Del.icio.us  
What's this?

Cambridge Journal of Economics, Vol. 29, No. 2, © Cambridge Political Economy Society 2005; all rights reserved

Notes and Comments

Reply to Cockshott and Cottrell

Andrew J. Kliman*

* Pace University

Address for correspondence: Department of Economics, Pace University, 861 Bedford Rd., Pleasantville, NY 10570, USA; email: akliman{at}pace.edu

This note reaffirms the author's conclusion that measured price–value correlations have been tainted by the influence of industry size and are therefore spurious. ‘Deflation’ of sectoral prices and values by costs destroys the correlation only because the theory in question is false, as the author's original paper proved deductively. Cockshott and Cottrell's results do not refute this proof. Deflation destroys the correlation between their simulated prices and values precisely because their simulation model assumes that the theory is false.

Key Words: Labour theory of value • Price theory • Input–output analysis

JEL classifications: B24, D46, D57

Manuscript received July 18, 2003;
Add to CiteULike CiteULike   Add to Connotea Connotea   Add to Del.icio.us Del.icio.us    What's this?




Disclaimer: Please note that abstracts for content published before 1996 were created through digital scanning and may therefore not exactly replicate the text of the original print issues. All efforts have been made to ensure accuracy, but the Publisher will not be held responsible for any remaining inaccuracies. If you require any further clarification, please contact our Customer Services Department.