A Re-examination of simulations of the value of output for US, UK and Greece

ABSTRACT

This paper reports updated results for the simulation of the Marxist components of value aggregate of output for the US UK and Greece. My work suggests that there is a closer correspondence GDP than usually expected by the literature. Last year I reported the results of using my model to estimate and compare the value composition of aggregate output for the US, Greece and the UK. New data indicated an improved the correspondence between GDP and the sum of surplus value, constant capital and variable capital for the UK and Greece. The difference between my simulated Marxian aggregates and GDP was 1.89 percent for the UK and 25.8 percent for Greece for the year 2000. My conjecture is that a greater correspondence can be achieved for Greece with better data. This summer I will improve the input estimates for the organic composition of capital, the rate of surplus value, the intensity of labor, and the estimated wage. In addition, I will expand the review of literature and time horizon of the simulations. I will examine recent research by Tsaliki, Paraskevopoulou and Tsoulfidis to determine if can help to resolve some issues of my estimates of data for Greece.