HETEROGENEOUS LABOUR AND THE DETERMINATION OF VALUE

Heterogencity of labour and its implications for the Marxian theory of value has been one of the most controversial issues in the literature of the Marxist political economy. The adoption of Marx's conjecture about a uniform rate of surplus value leads to a simultaneous determination of the values of common and labour commodities of different types and the uniform rate of surplus value. Determination of these variables can be formally represented as a parametric eigenvalue problem. Morishima's and Bródy's earlier results are analysed and given new interpretations in the light of the suggested procedure. The main questions are addressed in a more general context too. The analysis is extended to the problem of segmented labour market, as well.