Reply to some objections

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Reply to some objections

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Freeman, Alan

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Alan Freeman

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.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 6811.

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Date of creation: 12 Sep 1998
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Handle: RePEc:pra:mprapa:6811

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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)

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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. [Downloadable!]
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. [Downloadable!] (restricted)

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