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Dynamics, Disequilibrium, and Marxian Economics: A Formal Analysis of Temporal Single-System Marxism

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  • Roberto Veneziani

    (Department of Economics, Queen Mary, University of London, Mile End Road, London E1 4NS, UKR.Veneziani@qmul.ac.uk)

Abstract

This article analyzes the temporal single-system interpretation (TSSI) of Marx’s economics. From a methodological viewpoint, the TSSI lacks both a clear definition of equilibrium and a rigorous analysis of disequilibrium dynamics, and the dynamic framework is incomplete. From a substantive viewpoint, temporal single-system (TSS) claims are trivially obtained by assuming that goods exchange at values, apart possibly from out-of-steady-state random deviations. Finally, the proof of the law of the tendential fall in the profit rate is tautologically true, but its theoretical relevance is unclear.

Suggested Citation

  • Roberto Veneziani, 2005. "Dynamics, Disequilibrium, and Marxian Economics: A Formal Analysis of Temporal Single-System Marxism," Review of Radical Political Economics, Union for Radical Political Economics, vol. 37(4), pages 517-529, December.
    • Handle: RePEc:sae:reorpe:v:37:y:2005:i:4:p:517-529
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