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 ()
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- 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.
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