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Marx without Equilibrium

Author

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  • Freeman, Alan

Abstract

This article presents a ‘sequential and non-dualist’ interpretation of Marx’s value theory. This terminology has since been replaced by the term ‘temporal single system’ (TSSI). In such an interpretation, values transform into prices in accordance with Marx’s two equalities, and the rate of profit falls in accordance with his formulation of the law of the tendency of the rate of profit to fall.

Suggested Citation

  • Freeman, Alan, 1995. "Marx without Equilibrium," MPRA Paper 1207, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:1207
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    File URL: https://mpra.ub.uni-muenchen.de/1207/1/MPRA_paper_1207.pdf
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    References listed on IDEAS

    as
    1. Michele I. Naples, 1989. "A Radical Economic Revision of the Transformation Problem," Review of Radical Political Economics, Union for Radical Political Economics, vol. 21(1-2), pages 137-158, March.
    2. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720.
    3. Freeman, Alan, 1996. "Price, value and profit – a continuous, general, treatment," MPRA Paper 1290, University Library of Munich, Germany.
    4. Duncan K. Foley, 1982. "The Value of Money the Value of Labor Power and the Marxian Transformation Problem," Review of Radical Political Economics, Union for Radical Political Economics, vol. 14(2), pages 37-47, June.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Freeman, Alan, 2003. "When Things Go Wrong: the Political Economy of Market Breakdown," MPRA Paper 5586, University Library of Munich, Germany.
    2. Freeman, Alan, 2003. "The Age of War: From World Market to World Conquest (English language version)," MPRA Paper 5588, University Library of Munich, Germany.
    3. Freeman, Alan, 2010. "Trends in Value Theory since 1881," MPRA Paper 48646, University Library of Munich, Germany, revised 04 Jan 2011.
    4. Freeman, Alan, 1997. "If they're so rich, why ain't they smart? Another prelude to the critique of economic theory," MPRA Paper 52699, University Library of Munich, Germany, revised 04 Feb 2013.

    More about this item

    Keywords

    Rate of profit; Marxist economics; value theory; Okishio Theorem; TSSI;

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist

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