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Price, value and profit – a continuous, general, treatment


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  • Freeman, Alan


This text comprises chapter 13 of Marx and non-equilibrium Economics[1]. It provides a general mathematical specification of a non-equilibrium interpretation of Marx’s theory of value. It refutes the Okishio theorem and solves the transformation problem. It is a foundation work of scholarship within the TSSI (temporal single-system interpretation) of Marx. It specifies temporal values within a continuous-time framework as opposed to a discrete-time framework, and shows how to pass from discrete or serial time (difference equation, sequential) formalisations to continuous (differential equation, temporal) formalisations of the conservation of value. [1] Freeman, A. and Carchedi, G. (eds) (1996), Marx and Non-Equilibrium Economics, pp1-29. Cheltenham: Edward Elgar. ISBN 1 85898 268 5.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 1290.

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Date of creation: Apr 1996
Date of revision:
Handle: RePEc:pra:mprapa:1290

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Keywords: Accelerator; Business Cycle; Development; Endogenous; Goodwin; Inequality; Marx; Non-equilibrium; Okishio; Price; Profit; Rate of Profit; Reproduction; Samuelson; Temporal; Temporalism; Transformation; TSSI; Value; Value Theory;

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  1. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720, April.
  2. Glick, Mark & Ehrbar, Hans G, 1987. "The Transformation Problem: An Obituary," Australian Economic Papers, Wiley Blackwell, vol. 26(49), pages 294-317, December.
  3. Hodgson, Geoff M, 1981. "Money and the Sraffa System," Australian Economic Papers, Wiley Blackwell, vol. 20(36), pages 83-95, June.
  4. Michele I. Naples, 1985. "Dynamic Adjustment and Long-Run Inflation in a Marxian Model," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 8(1), pages 97-112, October.
  5. Morgenstern, Oskar, 1972. "Thirteen Critical Points in Contemporary Economic Theory: An Interpretation," Journal of Economic Literature, American Economic Association, vol. 10(4), pages 1163-89, December.
  6. Roemer,John E., 1989. "Analytical Foundations of Marxian Economic Theory," Cambridge Books, Cambridge University Press, number 9780521347754, April.
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Cited by:
  1. Andrew Kliman & Ted McGlone, 1999. "A Temporal Single-system Interpretation of Marx's Value Theory," Review of Political Economy, Taylor & Francis Journals, vol. 11(1), pages 33-59.
  2. Freeman, Alan, 2010. "Trends in Value Theory since 1881," MPRA Paper 48646, University Library of Munich, Germany, revised 04 Jan 2011.
  3. Nick Potts, 2011. "The missing C that threatens to flood us all," International Journal of Social Economics, Emerald Group Publishing, vol. 38(3), pages 273-290, February.
  4. Freeman, Alan, 1995. "Marx without Equilibrium," MPRA Paper 1207, University Library of Munich, Germany.
  5. Freeman, Alan, 1999. "Value from Nowhere: a response to Dumenil and Levy (first submission)," MPRA Paper 48684, University Library of Munich, Germany, revised 20 Apr 1999.
  6. Freeman, Alan, 2007. "Money, Labour and Logic: A Critical Comparison," MPRA Paper 48625, University Library of Munich, Germany, revised 08 Aug 2011.
  7. Freeman, Alan, 2001. "The Case for Simplicity: a Paradigm for the Political Economy of the 21st Century," MPRA Paper 52723, University Library of Munich, Germany, revised 01 Apr 2001.
  8. Freeman, Alan, 2004. "Value from Nowhere: a response to Dumenil and Levy (second submission)," MPRA Paper 48685, University Library of Munich, Germany, revised 08 Aug 2004.
  9. Freeman, Alan & Kliman, Andrew, 1998. "Simultaneous and Temporal Valuation Contrasted," MPRA Paper 52805, University Library of Munich, Germany, revised 23 Sep 1998.


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