S-Space College of Social Sciences (사회과학대학) Institute of Economics Research (경제연구소) Seoul Journal of Economics Seoul Journal of Economics vol.19(3) (Fall 2006)
Labor Values, Prices of Production, and Wage-Profit Rate Frontiers of the Korean Economy
- Tsoulfidis, Lefteris; Rieu, DongMin
- Issue Date
- Seoul Journal of Economics, Vol.19 No.3, pp. 275-296
- This paper extends the empirical analysis of the labor theory of value using input-output data from the Korean Economy for the years 1995 and 2000. The results of the analysis suggest that the Korean economy displays similarities with a number of other economies as regards to the proximity of labor values, Sraffian prices and prices of production to actual market prices. Furthermore, our findings of the wage-profit rates frontiers for the Korean Economy for the years 1995 and 2000 preclude the case of reswitching of techniques. This result lends additional support to the labor theory of value as an analytical tool for the understanding of the laws of motion of modern economies.