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A Temporal Single-system Interpretation of Marx's Value Theory

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  • Andrew Kliman
  • Ted McGlone

Abstract

This paper presents an interpretation of the quantitative dimension of Marx's value theory in which prices and values are determined interdependently and within historical time. This interpretation is then shown to refute allegations that his value theory suffers from internal inconsistencies. Among the issues considered are Marx's law of the falling rate of profit, the alleged redundancy of value, value determination under joint production, and the 'transformation problem.' The 'single-system' interpretation of values and prices as interdependent eliminates the alleged inconsistencies that pertain to magnitude; the 'temporal' interpretation of value and price magnitudes as determined in historical time eliminates the alleged inconsistencies that pertain to determination.

Suggested Citation

  • Andrew Kliman & Ted McGlone, 1999. "A Temporal Single-system Interpretation of Marx's Value Theory," Review of Political Economy, Taylor & Francis Journals, vol. 11(1), pages 33-59.
    • Handle: RePEc:taf:revpoe:v:11:y:1999:i:1:p:33-59
    DOI: 10.1080/095382599107165
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    References listed on IDEAS

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    1. Samuelson, Paul, 2012. "Understanding the Marxian Notion of Exploitation: A Summary of the So-CalledTransformation Problem Between Marxian Values and Competitive Prices," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, pages 182-202, August.
    2. Freeman, Alan, 1996. "Price, value and profit – a continuous, general, treatment," MPRA Paper 1290, University Library of Munich, Germany.
    3. Desai, Meghnad, 1988. "The Transformation Problem," Journal of Economic Surveys, Wiley Blackwell, vol. 2(4), pages 295-333.
    4. Richard D. Wolff & Antonino Callari & Bruce Roberts, 1984. "A Marxian Alternative to the Traditional "Transformation Problem"," Review of Radical Political Economics, Union for Radical Political Economics, vol. 16(2-3), pages 115-135, June.
    5. Duncan K. Foley, 1982. "The Value of Money the Value of Labor Power and the Marxian Transformation Problem," Review of Radical Political Economics, Union for Radical Political Economics, vol. 14(2), pages 37-47, June.
    6. Freeman, Alan, 1996. "The Psychopathology of Walrasian Marxism," MPRA Paper 1539, University Library of Munich, Germany.
    7. Lee, Chai-on, 1993. "Marx's Labour Theory of Value Revisited," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 17(4), pages 463-478, December.
    8. Paolo Giussani, 1991. "The Determination of Prices of Production," International Journal of Political Economy, Taylor & Francis Journals, vol. 21(4), pages 67-86, December.
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    Cited by:

    1. Mohun, Simon & Veneziani, Roberto, 2009. "The temporal single-system interpretation: underdetermination and inconsistency," MPRA Paper 30452, University Library of Munich, Germany.

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