Journal Of The Econometric Society

An International Society for the Advancement of Economic
Theory in its Relation to Statistics and Mathematics

Edited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262

Econometrica: Apr, 1961, Volume 29, Issue 2

Aggregation in Leontief Matrices and the Labour Theory of Value<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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