A Temporal Single-system Interpretation of Marx's Value Theory
This paper presents an interpretation of the quantitative dimension of Marx's value theory in which prices and values are determined interdependently and within historical time. This interpretation is then shown to refute allegations that his value theory suffers from internal inconsistencies. Among the issues considered are Marx's law of the falling rate of profit, the alleged redundancy of value, value determination under joint production, and the 'transformation problem.' The 'single-system' interpretation of values and prices as interdependent eliminates the alleged inconsistencies that pertain to magnitude; the 'temporal' interpretation of value and price magnitudes as determined in historical time eliminates the alleged inconsistencies that pertain to determination.
Volume (Year): 11 (1999)
Issue (Month): 1 ()
|Contact details of provider:|| Web page: http://www.tandfonline.com/CRPE20|
|Order Information:||Web: http://www.tandfonline.com/pricing/journal/CRPE20|
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.:
- Desai, Meghnad, 1988. " The Transformation Problem," Journal of Economic Surveys, Wiley Blackwell, vol. 2(4), pages 295-333.
- Freeman, Alan, 1996. "The Psychopathology of Walrasian Marxism," MPRA Paper 1539, University Library of Munich, Germany.
- Samuelson, Paul A, 1971. "Understanding the Marxian Notion of Exploitation: A Summary of the So-Called Transformation Problem Between Marxian Values and Competitive Prices," Journal of Economic Literature, American Economic Association, vol. 9(2), pages 399-431, June.
- Freeman, Alan, 1996. "Price, value and profit – a continuous, general, treatment," MPRA Paper 1290, University Library of Munich, Germany.
- Lee, Chai-on, 1993. "Marx's Labour Theory of Value Revisited," Cambridge Journal of Economics, Oxford University Press, vol. 17(4), pages 463-78, December.
When requesting a correction, please mention this item's handle: RePEc:taf:revpoe:v:11:y:1999:i:1:p:33-59. 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: (Michael McNulty)
If references are entirely missing, you can add them using this form.