IDEAS home Printed from
   My bibliography  Save this article

A Temporal Single-system Interpretation of Marx's Value Theory


  • Andrew Kliman
  • Ted McGlone


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.

Suggested Citation

  • Andrew Kliman & Ted McGlone, 1999. "A Temporal Single-system Interpretation of Marx's Value Theory," Review of Political Economy, Taylor & Francis Journals, vol. 11(1), pages 33-59.
  • Handle: RePEc:taf:revpoe:v:11:y:1999:i:1:p:33-59 DOI: 10.1080/095382599107165

    Download full text from publisher

    File URL:
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    1. Samuelson, Paul, 2012. "Understanding the Marxian Notion of Exploitation: A Summary of the So-CalledTransformation Problem Between Marxian Values and Competitive Prices," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, pages 182-202, August.
    2. Freeman, Alan, 1996. "The Psychopathology of Walrasian Marxism," MPRA Paper 1539, University Library of Munich, Germany.
    3. Freeman, Alan, 1996. "Price, value and profit – a continuous, general, treatment," MPRA Paper 1290, University Library of Munich, Germany.
    4. Lee, Chai-on, 1993. "Marx's Labour Theory of Value Revisited," Cambridge Journal of Economics, Oxford University Press, vol. 17(4), pages 463-478, December.
    5. Desai, Meghnad, 1988. " The Transformation Problem," Journal of Economic Surveys, Wiley Blackwell, vol. 2(4), pages 295-333.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Mohun, Simon & Veneziani, Roberto, 2009. "The temporal single-system interpretation: underdetermination and inconsistency," MPRA Paper 30452, University Library of Munich, Germany.

    More about this item


    This item is featured on the following reading lists or Wikipedia pages:
    1. Marxismo in Wikipedia Spanish ne '')
    2. Críticas liberales al marxismo in Wikipedia Spanish ne '')


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. 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: (Chris Longhurst). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.