Economics and Finance


From Labor Theory of Value to Price EigenFunction ---Microfoundation of General Equilibrium

Authors: Erman ZENG

The quantitative Marxian function system is developed on the basis of the labor theory of value as the micro foundation resulting labour value function, surplus value function, Marx production function. The heterogeneous capital aggregation problem is overcome by value transformation analysis of Leontief intermediate input coefficient matrix leading to production price eigenvectors and Marx-Sraffa-Leontief General Equilibrium eigenvalues thus the details about an economic system such as the reduced organic composite of capital, the rate of profit, the surplus rate of value, the elasticity of capital output. The falling tendency of the rate of profit may not be true if the economy undergoes a general equilibrium.

Comments: 12 Pages.

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Submission history

[v1] 2017-02-14 19:23:54
[v2] 2017-03-15 01:14:24

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