IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/48684.html
   My bibliography  Save this paper

Value from Nowhere: a response to Dumenil and Levy (first submission)

Author

Listed:
  • Freeman, Alan

Abstract

This article was submitted in 1999 to the Review of Radical Political Economy but was rejected. It responds to Gérard Duménil and Dominique Lévy’s (1999) “The conservation of value: a rejoinder to Alan Freeman”. This was a critique of the Temporal Single-System (TSS) interpretation of Marx’s value theory presented in my (1996) Marx and non-Equilibrium Economics. In this response, I show that the paradoxes which Duménil and Lévy found in the TSS approach arose from a dogmatic adherence to the simultaneist paradigm which imposes, a priori and without reference to real phenomena, a distinct ontology from which change is absent. I show that when the supposition of a static economy is dropped, simultaneism creates value out of nowhere, and cannot thus support the elementary economic distinction between production and circulation. A uniform treatment of fixed capital, and the formation of social values, eliminates the alleged paradoxes. I show their own approach to be incoherent, generating negative values from its own assumptions. This is the first of two responses to this article which were rejected by the RRPE board. I have placed the second response in the public domain at the same time as this response.

Suggested Citation

  • Freeman, Alan, 1999. "Value from Nowhere: a response to Dumenil and Levy (first submission)," MPRA Paper 48684, University Library of Munich, Germany, revised 20 Apr 1999.
  • Handle: RePEc:pra:mprapa:48684
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/48684/1/MPRA_paper_48684.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Freeman, Alan, 1996. "Price, value and profit – a continuous, general, treatment," MPRA Paper 1290, University Library of Munich, Germany.
    2. Alan Freeman & Guglielmo Carchedi (ed.), 1996. "Marx and Non-equilibrium Economics," Books, Edward Elgar Publishing, number 737.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    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.
    2. Nick Potts, 2011. "The missing C that threatens to flood us all," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 38(3), pages 273-290, February.
    3. Freeman, Alan, 2001. "The Case for Simplicity: a Paradigm for the Political Economy of the 21st Century," MPRA Paper 52723, University Library of Munich, Germany, revised 01 Apr 2001.
    4. Freeman, Alan, 2007. "Money, Labour and Logic: A Critical Comparison," MPRA Paper 48625, University Library of Munich, Germany, revised 08 Aug 2011.
    5. Freeman, Alan, 1998. "A dialogue concerning the two chief systems of value," MPRA Paper 2573, University Library of Munich, Germany.
    6. Veneziani, Roberto & Yoshihara, Naoki, 2014. "One million miles to go: taking the axiomatic road to defining exploitation," UMASS Amherst Economics Working Papers 2014-10, University of Massachusetts Amherst, Department of Economics.
    7. Massimo Cingolani, 2015. "Sylos Labini su Marx: implicazioni per la politica economica (Sylos Labini on Marx: economic policy implications)," Moneta e Credito, Economia civile, vol. 68(269), pages 81-147.
    8. Duque Garcia, Carlos Alberto, 2021. "Economic Growth and the Rate of Profit in Colombia 1967-2019: A VAR Time-Series Analysis," MPRA Paper 109890, University Library of Munich, Germany.
    9. Jonathan F. Cogliano, 2017. "Surplus Value Production and Realization in Marxian Theory - Applications to the U.S., 1987-2015," Working Paper Series 2017-01, Dickinson College, Department of Economics.
    10. Freeman, Alan, 2010. "Trends in Value Theory since 1881," MPRA Paper 48646, University Library of Munich, Germany, revised 04 Jan 2011.
    11. Roberto Veneziani & Luca Zamparelli & Simon Mohun & Roberto Veneziani, 2017. "Value, Price, And Exploitation: The Logic Of The Transformation Problem," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1387-1420, December.
    12. Freeman, Alan, 2007. "The modernity of backwardness," MPRA Paper 6831, University Library of Munich, Germany.
    13. Freeman, Alan, 1995. "Marx without Equilibrium," MPRA Paper 1207, University Library of Munich, Germany.
    14. Freeman, Alan & Kliman, Andrew, 2005. "Beyond talking the talk: towards a critical pluralist practice," MPRA Paper 48644, University Library of Munich, Germany, revised 07 Nov 2006.
    15. Freeman, Alan, 2015. "Social Structures of disaccumulation: a 101 on the rate of profit and the cause of crisis," MPRA Paper 69649, University Library of Munich, Germany, revised 21 Feb 2016.
    16. Freeman, Alan & Kliman, Andrew, 1998. "Simultaneous and Temporal Valuation Contrasted," MPRA Paper 52805, University Library of Munich, Germany, revised 23 Sep 1998.
    17. Julian Wells, Julian, 2007. "The rate of profit as a random variable," MPRA Paper 98235, University Library of Munich, Germany.
    18. Freeman, Alan, 2007. "Explaining national inequality: the relevance of Marx and the irrelevance of equilibrium," MPRA Paper 6836, University Library of Munich, Germany.
    19. Vaona, Andrea, 2015. "Price–price deviations are highly persistent," Structural Change and Economic Dynamics, Elsevier, vol. 33(C), pages 86-95.
    20. Freeman, Alan, 1999. "The Emperor's Tailor: The Economists and the Crash of ‘98," MPRA Paper 6712, University Library of Munich, Germany.

    More about this item

    Keywords

    TSSI; Marx; Value;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:48684. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.