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The Temporal Single‐system Interpretation of Marx's Economics: A Critical Evaluation

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  • Roberto Veneziani

Abstract

The temporal single‐system (TSS) quantitative approach to Marx's economics is analysed. It is shown that TSS models lack a clear equilibrium concept and a coherent (dis)equilibrium methodology, and that Marx's propositions on value and exploitation are tautologically obtained (i) by constructing a money costs theory of value, where by assumption values are equal to market prices, apart possibly from short‐run deviations; and (ii) by arbitrarily assuming that the undefined monetary expression of labour time is positive. In general, the shortcomings of the analytical framework make TSS claims, including the proofs of the law of the tendential fall in the profit rate, unwarranted.

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  • Roberto Veneziani, 2004. "The Temporal Single‐system Interpretation of Marx's Economics: A Critical Evaluation," Metroeconomica, Wiley Blackwell, vol. 55(1), pages 96-114, February.
    • Handle: RePEc:bla:metroe:v:55:y:2004:i:1:p:96-114
    DOI: 10.1111/j.0026-1386.2004.00184.x
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    References listed on IDEAS

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    1. Shalom Groll & Ze'ev B. Orzech, 1989. "From Marx to the Okishio Theorem: A Genealogy," History of Political Economy, Duke University Press, vol. 21(2), pages 253-272, Summer.
    2. Paolo Giussani, 1991. "The Determination of Prices of Production," International Journal of Political Economy, Taylor & Francis Journals, vol. 21(4), pages 67-86, December.
    3. Duncan K. Foley, 2000. "Recent Developments in the Labor Theory of Value," Review of Radical Political Economics, Union for Radical Political Economics, vol. 32(1), pages 1-39, March.
    4. Freeman, Alan & Kliman, Andrew, 2000. "Two Concepts of Value, Two Rates of Profit, Two Laws of Motion," MPRA Paper 6715, University Library of Munich, Germany.
    5. Duncan K. Foley, 1982. "The Value of Money the Value of Labor Power and the Marxian Transformation Problem," Review of Radical Political Economics, Union for Radical Political Economics, vol. 14(2), pages 37-47, June.
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    Cited by:

    1. Porcherot, Raphaël, 2019. "Les origines marxiennes de l’institutionnalisme monétaire [The Marxian origins of monetary institutionalism]," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 26.
    2. Jonathan F. Cogliano, 2017. "Surplus Value Production and Realization in Marxian Theory - Applications to the U.S., 1987-2015," Working Paper Series 2017-01, Dickinson College, Department of Economics.
    3. Roberto Veneziani & Naoki Yoshihara, 2010. "Exploitation and Profits: A General Axiomatic Approach in Convex Economies with Heterogeneous Agents," UMASS Amherst Economics Working Papers 2010-12, University of Massachusetts Amherst, Department of Economics.
    4. Flaschel, Peter & Fröhlich, Nils & Veneziani, Roberto, 2011. "The sources of profitability," MPRA Paper 30861, University Library of Munich, Germany.
    5. Veneziani, Roberto & Yoshihara, Naoki, 2014. "One Million Miles to Go: Taking the Axiomatic Road to Defining Exploitation," Discussion Paper Series 615, Institute of Economic Research, Hitotsubashi University.
    6. Roberto Veneziani & Naoki Yoshihara, 2011. "Strong Subjectivism In The Marxian Theory Of Exploitation: A Critique," Metroeconomica, Wiley Blackwell, vol. 62(1), pages 53-68, February.
    7. Vaona, Andrea, 2015. "Price–price deviations are highly persistent," Structural Change and Economic Dynamics, Elsevier, vol. 33(C), pages 86-95.
    8. Andrea Vaona, 2012. "Price-price deviations are highly persistent - extended version," Working Papers 08/2012, University of Verona, Department of Economics.
    9. Kliman, Andrew & Freeman, Alan, 2006. "Replicating Marx: a Reply to Mohun," MPRA Paper 6890, University Library of Munich, Germany.

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