Abstract

JACOBO, Juan Esteban. Labor theory of value and the principle of maximun entropy. Rev.econ.inst. [online]. 2020, vol.22, n.43, pp.119-135.  Epub Feb 03, 2021. ISSN 0124-5996.  https://doi.org/10.18601/01245996.v22n43.06.

This paper uses the principle of maximum entropy to characterize certain aspects of classical political economy associated with the labor theory of value. First, it is shown that the free mobility of labor can give rise to a distribution of wages tending towards the mean and the existence of universal labor time as an emergent property of the system. Similarly, it is shown that the free mobility of capital can result in a tendency towards a normal rate of profit, while allowing for the possibility that the system will enter periods of crisis through time.

JEL: B12, C14, D33, D46

Keywords : Maximum entropy; labor value theory.

        · abstract in Spanish | Portuguese     · text in Spanish     · Spanish ( pdf )