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Cambridge Journal of Economics 2005 29(2):309-316; doi:10.1093/cje/bei015
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Right arrow B24 - Socialist; Marxist; Sraffian
Right arrow D46 - Value Theory
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Cambridge Journal of Economics, Vol. 29, No. 2, © Cambridge Political Economy Society 2005; all rights reserved

Notes and Comments

Robust correlations between prices and labour values: a comment

W. Paul Cockshott and Allin Cottrell*

* Department of Computer Science, University of Glasgow, and Department of Economics, Wake Forest University

Address for correspondence: Paul Cockshott, Department of Computer Science, University of Glasgow, Glasgow, Scotland, UK; email: wpc{at}dcs.gla.ac.uk

The paper addresses Kliman's criticisms of the observed correlations between prices and labour values. It argues that the notion of spurious correlation is not relevant in this case. It examines Kliman's own simulations and shows that his statistical correction techniques involve dividing through by the signal to leave the noise.

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

Manuscript received July 2, 2002; final version received February 28, 2003.


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