Exploitation and Time

Journal of Economic Theory 132 (1):189-207 (2007)
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Abstract

This paper analyses exploitation and class formation in a dynamic context. An intertemporal model of a subsistence economy is set up and, among other results, it is proved that, in an interior equilibrium, Differential Ownership of (Scarce) Productive Assets is an inherent feature of a capitalist economy, while exploitation tends to disappear in the long run. Asset inequality is therefore proved to be a normatively secondary (though causally primary) wrong. It is also argued that these results raise several doubts about the possibility of providing robust micro-foundations to Marxian concepts by means of Walrasian general equilibrium models.

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Roberto Veneziani
Queen Mary University of London

Citations of this work

Exploitation.Matt Zwolinski, Benjamin Ferguson & Alan Wertheimer - 2022 - Stanford Encyclopedia of Philosophy.

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