Dimensional analysis of price-value correspondence: a spurious case of spurious correlation

  title={Dimensional analysis of price-value correspondence: a spurious case of spurious correlation},
  author={Alejandro Valle Baeza},
  journal={Investigacion Economica},
  • A. Baeza
  • Published 23 February 2011
  • Economics
  • Investigacion Economica
Labor theory of value has received considerable attention among Marxists and their critics. No agreement has been reached as to what labor theory of value is (Foley, 2000), Itoh, 1988; Kliman, 2006; Laibman, 1992 and Mohun, 2000). Paradoxically there are empirical studies showing strong association between labor values and market prices. Such works could inject new energy into Marxist theory of value; nevertheless some critics have questioned such empirical findings because: a) there is a… 

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