IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Log in (now much improved!) to save this paper

National Accounts in Value Terms: The Social Wage and Profit Rate in Britain 1950-1986

Listed author(s):
  • Freeman, Alan

This paper reproduces, for archival purposes, chapter 5, of the same name, which appeared in Dunne (1991). It represents one of the first systematic attempts that I know of, to present complete ‘Value National Accounts’, that is to say, accounts presenting social reproduction in terms of the value categories of Karl Marx. The critical requirement is not, as might be thought, the reduction of money categories to labour time categories: though this is desirable particularly when comparing or aggregating the accounts of different countries or in tracing the movement of an economy over time, if the Monetary Equivalent (MELT – see Ramos 2004) has been changing. Rather, it is to ‘transform’ the accounts in such a way that there is a single source of value added (labour) instead of, as in the standard accounts, the normal three sources of value which are Marx’s ‘Holy Trinity’ of capital, land and labour. The consequence of bestowing on land and capital the property of creating value means that money sums such as interest and rent, instead of being presented as deductions from the value added or, in national accounts terms ‘transfers’ from labour to capital, are treated as if they were sources of value in their own right, mystifying not only the production process itself but the distribution of the produced value between social classes. The paper proposed, and quantified for the UK economy, an alternative presentation in which these mystifications are corrected, and on this basis, established a ‘completed scheme of reproduction’ showing the role of productive and unproductive labour respectively in the UK economy. The paper also marked a watershed in the evolution of what was to become the Temporal Single System Interpretation (TSSI) of Marx’s theory of value. I had not at that time met Andrew Kliman. However, very shortly after this paper, working with Paolo Giussani, we arrived independently from Andrew Kliman at the formulations of Marx’s schemas of reproduction that the key features of TSSI. I entered into correspondence with Andrew Kliman shortly after this, and the IWGVT was established not long after that.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: https://mpra.ub.uni-muenchen.de/52760/1/MPRA_paper_52760.pdf
File Function: original version
Download Restriction: no

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 52760.

as
in new window

Length:
Date of creation: 12 Jan 1991
Date of revision: 05 Feb 1991
Handle: RePEc:pra:mprapa:52760
Contact details of provider: Postal:
Ludwigstraße 33, D-80539 Munich, Germany

Phone: +49-(0)89-2180-2459
Fax: +49-(0)89-2180-992459
Web page: https://mpra.ub.uni-muenchen.de

More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as
in new window


  1. Moseley, Fred, 1985. "The Rate of Surplus Value in the Postwar U.S. Economy: A Critique of Weisskopf's Estimates," Cambridge Journal of Economics, Oxford University Press, vol. 9(1), pages 57-79, March.
  2. Petrovic, Pavle, 1987. "The Deviation of Production Prices from Labour Values: Some Methodology and Empirical Evidence," Cambridge Journal of Economics, Oxford University Press, vol. 11(3), pages 197-210, September.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:52760. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.