An Infinite Number of Techniques, One Linear Wage Curve

9 Pages Posted: 5 Dec 2017 Last revised: 6 Dec 2017

Robert L. Vienneau

Independent

Date Written: December 5, 2017

Abstract

This note demonstrates that the special case condition, needed for a simple labor theory of value (LTV), of equal organic compositions of capital does not suffice to determine technology. A model of the production of commodities, with circulating capital and all commodities basic, is analyzed. Given direct labor coefficients and labor values, an uncountably infinite number of Leontief input-output matrices yield the same wage curve under the conditions in which prices of production are proportional to labor values.

Keywords: Labor Theory of Value, Transformation Problem

JEL Classification: B24, C67, D24, D46

Suggested Citation

Vienneau, Robert L., An Infinite Number of Techniques, One Linear Wage Curve (December 5, 2017). Available at SSRN: https://ssrn.com/abstract=3082908 or http://dx.doi.org/10.2139/ssrn.3082908

Robert L. Vienneau (Contact Author)

Independent ( email )

209 Maple Street
Rome, NY 13440
315-336-5417 (Phone)
315-334-4964 (Fax)

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