Econometrica: Apr 1961, Volume 29, Issue 2

Aggregation in Leontief Matrices and the Labour Theory of Value

https://doi.org/0012-9682(196104)29:2<203:AILMAT>2.0.CO;2-E
p. 203-220

F. Seton, M. Morishima

This article examines the relationship between the price of commodities and ther total labour content when the productive contributions of all other factors are imputed to labour. The transformation of one basis of valuation into the other, which entails the use of Leontief matrices, may be distorted by errors of aggregation. We examine the probable limits of these errors and the conditions for their total absence.

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