Value from Nowhere: a response to Dumenil and Levy (second submission)
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.
|Date of creation:||08 Aug 2004|
|Date of revision:||08 Aug 2004|
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- Augusto Graziani & Michel Vale, 1997. "Let's Rehabilitate the Theory of Value," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 27(2), pages 21-25, July.
- Freeman, Alan, 1996. "Price, value and profit – a continuous, general, treatment," MPRA Paper 1290, University Library of Munich, Germany.
- Alan Freeman & Guglielmo Carchedi (ed.), 1996. "Marx and Non-equilibrium Economics," Books, Edward Elgar Publishing, number 737.
- 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.
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