Measures of Production Price-Labour Value Deviation and Income Distribution in Actual Economies: Theory and Empirical Evidence
THEODORE MARIOLIS & LEFTERIS TSOULFIDIS
Many empirical studies indicate that the deviations of actual prices of production from labour values are not too sensitive to the type of measure used for their evaluation. This paper attempts to theorize this rather ‘stylized fact’ by focusing on the relationships between the traditional and the numéraire-free measures of deviation. On the empirical side, it provides an illustration of these relationships using input-output data from the Greek and Japanese economies.