Value and the foundation of Economic Dynamics

Alan Freeman

MPRA Paper from University Library of Munich, Germany

Abstract: This article constructs time-varying labour value measures free of such restrictions and shows that they call for a radical re-evaluation of this century's debate on value. We exhibit a counter-example to the Okishio theorem in which labour-saving innovation leads to a continuously-falling profit rate, and a dynamic approach to the classical problem of transforming values into prices in which the sum of values is equal to the sum of prices while the sum of profits remains equal to the sum of surplus values. Elsewhere we have exhibited a computer simulation model using these values. A dynamic value measure is thus practical, necessary, and the basis for a general reconstruction of economics.

Keywords: Profit Rate; Okishio Theorem; Marxist economics; Value Theory; TSSI (search for similar items in EconPapers)
JEL-codes: B12 B14 O41 (search for similar items in EconPapers)
Date: 1994-03-16, Revised 1994-03-16
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:1206

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