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Value and the foundation of Economic Dynamics

Author

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  • Freeman, Alan

Abstract

This article constructs time-varying labour value measures free of such restrictions and shows that they call for a radical re-evaluation of this century's debate on value. We exhibit a counter-example to the Okishio theorem in which labour-saving innovation leads to a continuously-falling profit rate, and a dynamic approach to the classical problem of transforming values into prices in which the sum of values is equal to the sum of prices while the sum of profits remains equal to the sum of surplus values. Elsewhere we have exhibited a computer simulation model using these values. A dynamic value measure is thus practical, necessary, and the basis for a general reconstruction of economics.

Suggested Citation

  • Freeman, Alan, 1994. "Value and the foundation of Economic Dynamics," MPRA Paper 1206, University Library of Munich, Germany, revised 16 Mar 1994.
  • Handle: RePEc:pra:mprapa:1206
    as

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    File URL: https://mpra.ub.uni-muenchen.de/1206/1/MPRA_paper_1206.pdf
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    References listed on IDEAS

    as
    1. José Alberro & Joseph Persky, 1979. "The Simple Analytics of Falling Profit Rates, Okishio's Theorem and Fixed Capital," Review of Radical Political Economics, Union for Radical Political Economics, vol. 11(3), pages 37-41, October.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Profit Rate; Okishio Theorem; Marxist economics; Value Theory; TSSI;

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist

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