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Reply to some objections

Author

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  • Freeman, Alan

Abstract

This 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.

Suggested Citation

  • Freeman, Alan, 1998. "Reply to some objections," MPRA Paper 6811, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:6811
    as

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    References listed on IDEAS

    as
    1. 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.
    2. 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.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    TSSI; MELT; value; Marx; price; profit rate; Okishio; non-equilibrium; equilibrium; money;
    All these keywords.

    JEL classification:

    • O41 - Economic Development, Innovation, 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)

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