Marx without Equilibrium

Freeman, Alan (1995): Marx without Equilibrium. Published in: Capital and Class No. Issue number 56, Summer 1995 (July 1995): pp. 49-81.

Abstract

This article presents a ‘sequential and non-dualist’ interpretation of Marx’s value theory. This terminology has since been replaced by the term ‘temporal single system’ (TSSI). In such an interpretation, values transform into prices in accordance with Marx’s two equalities, and the rate of profit falls in accordance with his formulation of the law of the tendency of the rate of profit to fall.

• Item Type: MPRA Paper
• Institution: The University of Greenwich
• Language: English
• Keywords: Rate of profit; Marxist economics; value theory; Okishio Theorem; TSSI
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B12 - Classical (includes Adam Smith); B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B51 - Socialist ; Marxian ; Sraffian; B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B14 - Socialist ; Marxist

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