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Price, value and profit – a continuous, general, treatment

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  • Freeman, Alan

Abstract

This text comprises chapter 13 of Marx and non-equilibrium Economics[1]. It provides a general mathematical specification of a non-equilibrium interpretation of Marx’s theory of value. It refutes the Okishio theorem and solves the transformation problem. It is a foundation work of scholarship within the TSSI (temporal single-system interpretation) of Marx. It specifies temporal values within a continuous-time framework as opposed to a discrete-time framework, and shows how to pass from discrete or serial time (difference equation, sequential) formalisations to continuous (differential equation, temporal) formalisations of the conservation of value. [1] Freeman, A. and Carchedi, G. (eds) (1996), Marx and Non-Equilibrium Economics, pp1-29. Cheltenham: Edward Elgar. ISBN 1 85898 268 5.

Suggested Citation

  • Freeman, Alan, 1996. "Price, value and profit – a continuous, general, treatment," MPRA Paper 1290, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:1290
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    File URL: https://mpra.ub.uni-muenchen.de/1290/1/MPRA_paper_1290.pdf
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    References listed on IDEAS

    as
    1. Michele I. Naples, 1985. "Dynamic Adjustment and Long-Run Inflation in a Marxian Model," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 8(1), pages 97-112, September.
    2. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720, October.
    3. Glick, Mark & Ehrbar, Hans G, 1987. "The Transformation Problem: An Obituary," Australian Economic Papers, Wiley Blackwell, vol. 26(49), pages 294-317, December.
    4. Hodgson, Geoff M, 1981. "Money and the Sraffa System," Australian Economic Papers, Wiley Blackwell, vol. 20(36), pages 83-95, June.
    5. José Alberro & Joseph Persky & José Alberro & Joseph Persky, 1981. "The Dynamics of Fixed Capital Revaluation and Scrapping," Review of Radical Political Economics, Union for Radical Political Economics, vol. 13(2), pages 32-37, July.
    6. Morgenstern, Oskar, 1972. "Thirteen Critical Points in Contemporary Economic Theory: An Interpretation," Journal of Economic Literature, American Economic Association, vol. 10(4), pages 1163-1189, December.
    7. 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, 1999. "Value from Nowhere: a response to Dumenil and Levy (first submission)," MPRA Paper 48684, University Library of Munich, Germany, revised 20 Apr 1999.
    2. Freeman, Alan, 2004. "Value from Nowhere: a response to Dumenil and Levy (second submission)," MPRA Paper 48685, University Library of Munich, Germany, revised 08 Aug 2004.
    3. Nick Potts, 2011. "The missing C that threatens to flood us all," International Journal of Social Economics, Emerald Group Publishing, vol. 38(3), pages 273-290, February.
    4. Freeman, Alan, 2007. "Money, Labour and Logic: A Critical Comparison," MPRA Paper 48625, University Library of Munich, Germany, revised 08 Aug 2011.
    5. Freeman, Alan, 2010. "Trends in Value Theory since 1881," MPRA Paper 48646, University Library of Munich, Germany, revised 04 Jan 2011.
    6. Freeman, Alan & Kliman, Andrew, 1998. "Simultaneous and Temporal Valuation Contrasted," MPRA Paper 52805, University Library of Munich, Germany, revised 23 Sep 1998.
    7. 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.
    8. Freeman, Alan, 1995. "Marx without Equilibrium," MPRA Paper 1207, University Library of Munich, Germany.
    9. Freeman, Alan, 2001. "The Case for Simplicity: a Paradigm for the Political Economy of the 21st Century," MPRA Paper 52723, University Library of Munich, Germany, revised 01 Apr 2001.

    More about this item

    Keywords

    Accelerator; Business Cycle; Development; Endogenous; Goodwin; Inequality; Marx; Non-equilibrium; Okishio; Price; Profit; Rate of Profit; Reproduction; Samuelson; Temporal; Temporalism; Transformation; TSSI; Value; Value Theory;

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • 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
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)

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