Anwar Shaikh -- Empirical evidence on the Ricardian/Smithian Labour Theory of Value (price)
From • Capitalism: Competition, Conflict and Cris...
See also:
https://drive.google.com/file/d/0BxvN...
00:25 Smithian Decomposition of price for any commodity:
"Since a sector’s total profit is the residual between sales and costs (labor, materials, and depreciation), we can always express total sales as the sum of costs and profit. This is an accounting identity. Then if we divide each component by total output (X), we can write the equivalent identity that unit price is the sum of unit costs and unit profits. Let p, ulc, m, a, be the per unit price, unit labor costs (w · l, where w = the wage rate and 1 = labor required per unit output), profit per unit output (P/X), and input costs (unit materials and depreciation), respectively, of some given commodity. Then by definition p=ulc+m+a"
04:45 Example
07:02 Three Ricardian hypotheses
17:20 Schwartz test
20:58 Direct prices vs Prices of production vs Market prices