Reply to some objections
AbstractThis article responds to a number of criticisms of the TSSI (sequential non-dualist) approach to the theory of value, in particular Duncan Foley’s 1997 review of Freeman and Carchedi (eds) Marx and non-equilibrium Economics, and comments from Fred Moseley in exchanges on the OPE-L discussion list. It deals in particular with the issue of the revaluation of capital arising from price changes and inventory adjustment. It establishes that the equilibrium interpretation of Marx’s value theory leads to the creation of value out of nothing (that is, without labour) in circumstances where values are rising, for example, due to poor harvests, or as a direct or indirect result of shortages of raw inputs such as metals.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 6811.
Date of creation: 12 Sep 1998
Date of revision:
TSSI; MELT; value; Marx; price; profit rate; Okishio; non-equilibrium; equilibrium; money;
Find related papers by JEL classification:
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
- B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
- B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Foley, Duncan K., 1982. "Realization and accumulation in a Marxian model of the circuit of capital," Journal of Economic Theory, Elsevier, vol. 28(2), pages 300-319, December.
- 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.
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