Munich Personal RePEc Archive

Reply to some objections

Freeman, Alan (1998): Reply to some objections.


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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

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