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Title:Exploitation and profits: A general axiomatic approach in convex economies with heterogeneous agents PDF Logo
Authors:Veneziani, Roberto
Yoshihara, Naoki
Issue Date:2010
Series/Report no.:Working Paper, University of Massachusetts, Department of Economics 2010-12
Abstract:This paper provides an innovative axiomatic analysis of the notion of exploitation as the unequal exchange of labour, focusing on the relation between exploitation and profits. General convex economies with heterogeneous agents endowed with unequal amounts of physical and human capital are considered. An axiomatic characterisation of the class of definitions that preserve the Fundamental Marxian The orem (FMT) in this general context is derived. It is shown that none of the main received definitions preserves the FMT. Instead, a definition related to the 'New Interpretation' (Duménil, 1980; Foley, 1982) is presented which preserves the FMT and allows one to generalise a number of key insights of exploitation theory to complex advanced economies.
convex economies
heterogeneous agents
New Interpretation
Document Type:Working Paper
Appears in Collections:Working Papers, Department of Economics, University of Massachusetts

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