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The Conservation of Value: A Rejoinder to Alan Freeman

Author

Listed:
  • Gerard Dumenil

    (MODEM-CNRS CEPREMAP-CNRS, 142 rue du Chavaleret, 75013 Paris, France)

  • Dominique Levy

    (MODEM-CNRS CEPREMAP-CNRS, 142 rue du Chavaleret, 75013 Paris, France; Tel: 33 1 40 77 84 13; Fax: 33 1 44 24 38 57; gerard.dumenil@uparis 10.fr, dominique.levy@cepremap.cnrs.fr)

Abstract

This paper is a critique of Alan Freeman's theory of sequential values. In this approach value is conserved from period to period independently of technical change and disequilibrium, contrary to the traditional view that values are reevaluated at each period depending on the existing conditions of production. Our main criticism is that sequential values fail to account for the devaluation of capital, when the economy is considered globally. Devaluation is possible for individual commodities in Freeman's framework, but the loss of value is always compensated by a corresponding gain for another commodity. The paper also points out a number of puzzling properties of sequential values, in particular the compatibility of increasing values with rising labor productivity. The unusual treatment of fixed capital, in which fixed capital is assimilated to an imperishable raw material, also raises serious problems for Freeman.

Suggested Citation

  • 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.
    • Handle: RePEc:sae:reorpe:v:32:y:2000:i:1:p:119-146
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    Cited by:

    1. 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.

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