Advanced Search
MyIDEAS: Login to save this paper or follow this series

The limits of Ricardian value: law, contingency and motion in economics

Contents:

Author Info

  • Freeman, Alan

Abstract

This paper discusses the relation between law and contingency in the formation of value. It begins from a much-ignored assertion of Marx, repeated throughout his works, that the equality of supply and demand is contingent and their non-equality constitutes their law. This highly complex and original idea leads us to the idea of capitalism, and a market, as an entity which perpetuates itself by failing to perpetuate itself: it is the fact that supply diverges from demand which causes the system to continue, not the fact that supply equals demand, which is only the case as a statistical average and never exactly holds. This fundamental and unrecognised difference between Marx’s approach and that of the classicals also distinguishes Marx from most modern economics, which has focussed on equilibrium as the de facto defining principle from which value may be deduced. The problem is exactly the opposite: it is to define a conception of value which does not require equilibrium and makes no presupposition that supply equals demand, that goods are sold, that profits equalise, or that any of the ‘lawlike’ properties of an ideal market actually hold. The ‘lawlike’ properties of a market must then be deduced as an outcome of the dynamic, that is temporal, behaviour of the market, expressed in terms of the interaction between value so defined and use value. In order that such a concept of value may have universal applicability, price has to be reformulated as a form of value, and money theorised on this foundation. This article, presented to the EEA mini-conference on value in 1999, sets out the general principles involved.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://mpra.ub.uni-muenchen.de/2574/
File Function: original version
Download Restriction: no

Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 2574.

as in new window
Length:
Date of creation: Mar 1999
Date of revision:
Handle: RePEc:pra:mprapa:2574

Contact details of provider:
Postal: Schackstr. 4, D-80539 Munich, Germany
Phone: +49-(0)89-2180-2219
Fax: +49-(0)89-2180-3900
Web page: http://mpra.ub.uni-muenchen.de
More information through EDIRC

Related research

Keywords: Crisis; inequality; market failure; TSSI; Temporalism; Marx; Value; Marshall; Walras; equilibrium; non-equilibrium; history of thought; Keynes; Austrian Economics; Post-Keynesian economics; Ricardo;

Find related papers by JEL classification:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Das Kapital vol.3 Chapter 9: Formation of a General Rate of Profit (Average Rate of Profit) and Transformation of the Values of Commodities into Prices of Production
    by kapitalism101 in Kapitalism101 on 2009-12-14 04:12:15
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Freeman, Alan, 2001. "Two Concepts of ‘Centre Of Gravity’: Commentary on Contributions by Gary Mongiovi and Fred Moseley," MPRA Paper 52819, University Library of Munich, Germany, revised 21 Feb 2001.
  2. Freeman, Alan, 2011. "Crisis, Marxism, and Economic Laws: A Response to Gary Mongiovi," MPRA Paper 52538, University Library of Munich, Germany, revised 05 May 2011.
  3. Freeman, Alan, 2009. "Marxism without Marx: a note towards a critique," MPRA Paper 48618, University Library of Munich, Germany, revised 17 Nov 2009.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:2574. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.