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Value from Nowhere: a response to Dumenil and Levy (second submission)


  • Freeman, Alan


This paper was submitted to the Review of Radical Political Economics in response to ‘The conservation of value: a rejoinder to Alan Freeman’, by Gérard Duménil and Dominique Lévy (DL), published in Review of Radical Political Economics in 1999. The response was rejected by the Editorial Board. The paper demonstrates that within DL’s framework, either value is created in circulation or is proportional not to the magnitude of labour time that creates the product, but to the physical magnitude or use-value of the product. It shows that within the TSSI framework value is uniquely determined by the magnitude of labour time, and that the contradictions alleged by DL do not exist. This is the second of two rejected responses. The first has been placed in the public domain at the same time as this one.

Suggested Citation

  • 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.
  • Handle: RePEc:pra:mprapa:48685

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    References listed on IDEAS

    1. Augusto Graziani, 1997. "Let’s Rehabilitate the Theory of Value," International Journal of Political Economy, Taylor & Francis Journals, vol. 27(2), pages 21-25, June.
    2. Alan Freeman & Guglielmo Carchedi (ed.), 1996. "Marx and Non-equilibrium Economics," Books, Edward Elgar Publishing, number 737.
    3. Gerard Dumenil & Dominique Levy, 2000. "The Conservation of Value: A Rejoinder to Alan Freeman," Review of Radical Political Economics, Union for Radical Political Economics, vol. 32(1), pages 119-146, March.
    4. Freeman, Alan, 1996. "Price, value and profit – a continuous, general, treatment," MPRA Paper 1290, University Library of Munich, Germany.
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    More about this item


    TSSI; value; Marx; corruption;

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • Z1 - Other Special Topics - - Cultural Economics
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion


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