Freeman, Alan (1994): Value and the foundation of Economic Dynamics.

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Abstract
This article constructs timevarying labour value measures free of such restrictions and shows that they call for a radical reevaluation of this century's debate on value. We exhibit a counterexample to the Okishio theorem in which laboursaving innovation leads to a continuouslyfalling 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.
Item Type:  MPRA Paper 

Institution:  The University of Greenwich 
Original Title:  Value and the foundation of Economic Dynamics 
Language:  English 
Keywords:  Profit Rate; Okishio Theorem; Marxist economics; Value Theory; TSSI 
Subjects:  B  History of Economic Thought, Methodology, and Heterodox Approaches > B1  History of Economic Thought through 1925 > B12  Classical (includes Adam Smith) O  Economic Development, Innovation, Technological Change, and Growth > O4  Economic Growth and Aggregate Productivity > O41  One, Two, and Multisector Growth Models B  History of Economic Thought, Methodology, and Heterodox Approaches > B1  History of Economic Thought through 1925 > B14  Socialist ; Marxist 
Item ID:  1206 
Depositing User:  Alan Freeman 
Date Deposited:  18. Dec 2006 
Last Modified:  27. Apr 2015 16:32 
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URI:  http://mpra.ub.unimuenchen.de/id/eprint/1206 