Quotation Mokre, Patrick, Işıkara, Baki Güney. 2022. Price-Value Deviations and the Labour Theory of Value: Evidence from 42 Countries, 2000–2017. Review of Political Economy. 34 (1), 165-180.




The relationship between prices and labour values has been the source of fruitful controversy since the earliest Classical Political Economists. The alleged refutation of the labour theory of value was an integral part of the marginalist attack against Classical and Marxist analysis. However, statistical analysis of price-value relationships made possible by the data available since the later 20th century suggest considerable empirical strength of the labour theory of value. We trace the intellectual history of the price-value relationship and its inseparable link to capitalist competition through Smith, Ricardo, Marx and Sraffa. Following Shaikh and Ochoa, we present an empirical model of testing their hypotheses that (1) labour values regulate prices of production and (2) serve as gravitational centres for market prices. The analysis of a large dataset of 42 countries and 15 years reveal only small and stable deviations and thus lend support to the Classical Political Economic analysis. With a sample of over 36,000 price vectors, we provide the most comprehensive empirical application of its class and generalize the results that have been established in the relevant literature.


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Publication's profile

Status of publication Published
Affiliation External
Type of publication Journal article
Journal Review of Political Economy
Language English
Title Price-Value Deviations and the Labour Theory of Value: Evidence from 42 Countries, 2000–2017
Volume 34
Number 1
Year 2022
Page from 165
Page to 180
Reviewed? Y
URL https://www.tandfonline.com/doi/full/10.1080/09538259.2021.1904648
DOI https://doi.org/10.1080/09538259.2021.1904648
Open Access N
JEL B12, B51, C67, O57, P16


Mokre, Patrick (Former researcher)
Işıkara, Baki Güney (New York University, United States/USA)
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