Abstract

SANCHEZ, César  and  NIETO FERRANDEZ, Maximilià. Labour value, production prices and market prices from the Spanish economy data. Inv. Econ [online]. 2010, vol.69, n.274, pp.87-118. ISSN 0185-1667.

This paper is mainly an empirical contribution to the current debate around the labour value, production prices and market prices departing from data referred to the Spanish case (TIO-2000). We show that the obtained results fall in line with other author's data for different economies and confirm the greater explanatory capacity of the labour value (in comparison with alternative base values) to explain market prices. We claim that this conclusion does not depend on the used correlation index, as it has been argued by various authors. We also review the average level of fundamental variables such as profitability, rate of surplus value and capital composition. Finally, we present a theoretical contribution to the value controversy, suggesting an alternative interpretation of the relationship between values and production prices. To this end, we discuss a reformulation of the concept of labour value that aims to be more coherent with the very foundations of the labour theory of value.

Keywords : Spanish economy; labour theory of value; prices.

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