Reply to some objections

Alan Freeman

MPRA Paper from University Library of Munich, Germany

Abstract: This article responds to a number of criticisms of the TSSI (sequential non-dualist) approach to the theory of value, in particular Duncan Foley’s 1997 review of Freeman and Carchedi (eds) Marx and non-equilibrium Economics, and comments from Fred Moseley in exchanges on the OPE-L discussion list. It deals in particular with the issue of the revaluation of capital arising from price changes and inventory adjustment. It establishes that the equilibrium interpretation of Marx’s value theory leads to the creation of value out of nothing (that is, without labour) in circumstances where values are rising, for example, due to poor harvests, or as a direct or indirect result of shortages of raw inputs such as metals.

Keywords: TSSI; MELT; value; Marx; price; profit rate; Okishio; non-equilibrium; equilibrium; money; TSSI; MELT; value; Marx; price; profit rate; Okishio; non-equilibrium; equilibrium; money (search for similar items in EconPapers)
JEL-codes: B12 B14 B41 B51 O41 (search for similar items in EconPapers)
Date: 1998-09-12
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