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

Roberto Veneziani

Review of Radical Political Economics, 2005, vol. 37, issue 4, 517-529

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.

Keywords: disequilibrium; dynamics; Marxian economics; theory of value (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:37:y:2005:i:4:p:517-529

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