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Abstract

Vol. 60, No. 3, pp. 205-227 (2009)

“Recent Developments in Theory of Labor Exploitation”
Naoki Yoshihara (Institute of Economic Research, Hitotsubashi University)

This paper surveys recent arguments in theory of labor exploitation. First, it critically analyzes the recent proposal of a subjectivist formulation for labor exploitation. Second, it introduces an axiomatic approach to theory of exploitation, which characterizes the unique formulation of exploitation by several axioms, each of which seems to represent one essential aspect of the notion of labor exploitation. Moreover, the paper examines the relationship between the Class-Exploitation Correspondence Principle (CECP) and the Fundamental Marxian Theorem (FMT) under this formulation. Finally, it surveys the recent arguments on the persistency of the class and exploitation in dynamic general equilibrium models of capitalist economies.