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Recently, the issue of the computation of values in relation to the theory of exploitation has been the object of new discussions in models of joint production. In such models it is possible to obtain positive prices of production, where "values" -in a certain sense- are negative. Therefore, it was demonstrated that positive profits could coincide with a negative rate of exploitation. The Fundamental Marxian Theorem seemed, thus, untenable.

A first reply was formulated by Morishima who suggested that since commodities can be produced in different manners in a system of joint production, the mode of computation of values must be modified. He defined values as the minimum amount of labor time necessary for the production of a commodity and referred to them as "true values". The generalization of the General Marxian Theorem came from John Roemer, who used the same definition of values in a more general framework. In 1983, new progress was made which rendered previous approaches irrelevant. Flaschel contended that the distinction made by Marx between individual and market values could solve the difficulty, if applied to the case of joint production. In Marx's sense of the expression, the individual value of a commodity is the value of a commodity taking into account the specific conditions of production in one unit of production. The market value of a commodity, still following Marx, is its average value corresponding to its average conditions of production in the various units of production.

In our opinion, although Flaschel's contribution represents definitive progress in the debate, it is still limited in two important regards.

The main purpose of the present study is to overcome these limitations and thus progress further down the avenues opened by Flaschel. We will also show that, using Flashel's idea to disaggregate joint production processes, it is possible to provide an formal solution to the problem of the negativity of values within the traditional conception of values (which does not takes into account the concepts of individual and market values).

G. Duménil, D. Lévy, "Labor Values and the Imputation of Labor Contents", 1989, Metroeconomica, Vol. 40(2), pp. 159-178.

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