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Replacement Costs, Stocks and the Valuation of Inputs


  • Freeman, Alan


This unpublished paper, written for distribution on the OPE-L list, seeks to clarify the conception of socially necessary labour time in Marx’s conception of value. It shows that this is not reducible to ‘replacement cost’ as simultaneist authors argue. Moreover that the implied conception of a compulsion upon capitalists to replace consumed inputs, along with attendant concepts such as a physical surplus product arising from replacement in kind, is alien to Marx’s thinking. The notion of replacement cost leads to obvious logical contradiction, and a full treatment must account properly for stocks of constant capital. This is an earlier version of the paper by the same name that was submitted to the 1995 conference of the Eastern Economic Association

Suggested Citation

  • Freeman, Alan, 1995. "Replacement Costs, Stocks and the Valuation of Inputs," MPRA Paper 9011, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:9011

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    References listed on IDEAS

    1. J.S. Metcalfe, 2001. "special issue: Consumption, preferences, and the evolutionary agenda," Journal of Evolutionary Economics, Springer, vol. 11(1), pages 37-58.
    2. Waka Cheung & Yew-Kwang Ng, 2004. "The different consumption functions of products and product differentiation," Econometric Society 2004 Australasian Meetings 318, Econometric Society.
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    More about this item


    Value; Price; Money; Labour; Marx; MELT; Okishio; TSSI; temporalism; rate of profit;

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology


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