Trying to help rescue value for everyone

Critique

Volumn 37, Issue 2, 2009, Pages 177-199

  Potts, Nick ^a  

^a NONE

Author keywords

Marx; Okishio; TSSI; Value theory

Indexed keywords

EID: 68649099191     PISSN: 00111600     EISSN: 03017605     Source Type: Journal    
DOI: 10.1080/03017600902760695     Document Type: Review

References (71)

1. L. Kolakowski, 'Earthly Ideal is a Most Niggling Dream', The Times Higher, 13 January 2006, p. 19.
2. Note in the introduction to K. Marx, Capital: A Critique of Political Economy, Volume 3 (London: Penguin/Vintage Publishers edition, 1981), p. 79,
3. Mandel does contend that Marx predicted the eventual collapse of capitalism, citing K. Marx, Capital: A Critique of Political Economy, Volume I (London: Penguin/Vintage Publishers edition, 1976), pp. 929-930, as textual support.
4. However, as A. Kliman, Reclaiming Marx's 'Capital' (Lanham, MD: Lexington Books, 2007), p. 31, makes clear, examination of this text fails to reveal a collapse theory but rather a prediction that capitalism's centralising tendencies, alongside the growing revolt of the working class, will produce a social revolution. Kliman explains how Marx did imagine that profitability would have a tendency to decline in times of accumulation, but that it would be restored through recurrent crises.
5. R. Brenner, 'The Economics of Global Turbulence', New Left Review, 229 (1998), pp. 11-12, note 1.
6. N. Okishio, 'Technical Changes and the Rate of Profit', Kobe University Economic Review, 7 (1961), pp. 86-99,
7. and J. Roemer, Analytical Foundations of Marxian Economic Theory (Cambridge: Cambridge University Press, 1981).
8. M. Desai, Marx's Revenge: The Resurgence of Capitalism and the Death of Statist Socialism (London: Verso, 2002).
9. L. Bortkiewicz, 'Value and Price in the Marxian System', International Economic Papers, 2 (1952 [1906-7]), pp. 5-60,
10. and L. Bortkiewicz, 'On the correction of Marx's Fundamental Theoretical Construction in the Third Volume of Capital', originally published in 1907, in P.M. Sweezy (ed.), Karl Marx and the Close of his System (Philadelphia: Orion, 1984 [1949]).
11. Marx, Capital, Vol.3, (1984 [1949]). op. cit., Chapter 9.
12. A. Freeman, 'The Psychopathology of Walrasian Marxism' in A. Freeman and G. Carchedi (eds) Marx and Non-Equilibrium Economics (Cheltenham: Edward Elgar, 1996), pp. 1-28.
13. As in F. Seton, 'The Transformation Problem', Review of Economic Studies, 24:3 (1957), pp. 149-160.
14. As in J. Winternitz, 'Values and Prices: A Solution of So-called Transformation Problem', Economic Journal, 58:2 (1948), pp. 276-280.
15. Sweezy, Karl Marx and the Close of his System, Economic Journal, 58:2 (1948), pp. 276-280. op. cit.
16. M. Desai, Marxian Economics (London: Basil Blackwell, 1979).
17. A. Shaikh, 'Political Economy and Capitalism: Notes on Dobb's Theory of Crisis', Cambridge Journal of Economics, 2:2 (1978), pp. 233-251;
18. J. Alberro and J. Persky, 'The Dynamics of Fixed Capital Revaluation and Scrapping', Review of Radical Political Economics, 13:2 (1981), pp. 21-37;
19. and A. Lipietz, 'Behind the Crisis: The Exhaustion of a Regime of Accumulation', Review of Radical Political Economics, 18:1-2 (1986), pp. 13-32.
20. I. Steedman, Marx After Sraffa (London: New Left Books, 1977).
21. P. Sraffa, Production of Commodities By Means of Commodities: Prelude to a Critique of Economic Theory (Cambridge: Cambridge University Press, 1960).
22. N. Okishio, 'Three Topics on Marxian Fundamental Theorem', in M. Kruger and P. Flaschel (eds) Nobuo Okishio - Essays on Political Economy: Collected Papers (Frankfurt am Main: Peter Lang, 1993), pp. 77-94.
23. M. Morishima, Marx's Economics: A Dual Theory of Value and Growth (Cambridge: Cambridge University Press, 1973).
24. and more recently without joint production, i.e. with each industry producing a single product, by A. Kliman, 'Simultaneous Valuation vs. the Exploitation Theory of Profit', Capital and Class, 73: Spring (2001), pp. 97-112,
25. and Kliman, Reclaiming Marx's 'Capital', 73: (2001), pp. 97-112, op. cit., Chapter 10.
26. G. Dumenil, 'Beyond the Transformation Riddle: A Labour Theory of Value', Science and Society, 47:4 (1983), pp. 427-450;
27. D. Foley, 'The Value of Money, the Value of Labour Power and the Marxian Transformation Problem', Review of Radical Political Economics, 14:2 (1982), pp. 37-47;
28. and D. Foley, Understanding Capital: Marx's Economic Theory (Cambridge Mass: Harvard University Press, 1986).
29. Marx, Capital, Vol.3, (1986). op. cit., Chapter 9.
30. U. Krause, Money and Abstract Labour (London and New York: Verso, 1982);
31. G. Reuten, 'The Difficult Labor of a Theory of Social Value: Metaphors and Systematic Dialectics at the Beginning of Marx's "Capital"', in F. Moseley (ed.) Marx's Method in Capital: A Re-examination (New Jersey: Humanities Press, 1993), pp. 89-113;
32. and C. Arthur, 'Value, Labour and Negativity', Capital and Class, 73: Spring (2001), pp. 15-39.
33. T. McGlone and A. Kliman, 'The Duality of Labour', in A. Freeman, A. Kliman and J. Wells (eds) The New Value Controversy and the Foundations of Economics (Cheltenham: Edward Elgar, 2004), pp. 135-150.
34. Marx, Capital, Vol.1, (2004), op. cit., pp. 261-262.
35. We agree with S.C. Izquierdo, 'A Value-oriented Distinction between Productive and Unproductive Labour', Capital and Class, 90: Autumn (2006), pp. 37-63,
36. that D. Laibman's, 'Productive and Unproductive Labour: A comment', Review of Radical Political Economics, 31:2 (1999), pp. 61-73,
37. dropping the productive/unproductive labour distinction undermines Marx's theory of value, but do not entirely agree with Izquierdo's definition of productive and unproductive labour. N. Potts, 'Some Preliminary Thoughts On Knowledge-Based Production: 49 Seconds On Mustafar', Critique, 35:3 (2007), pp. 357-373, explains how if we modify Marx's definition of 'productive' and 'unproductive' labour we cannot employ Marx's theory of value coherently, and thus hope to uncover the inherent tendencies within capitalism Marx identifies precisely through employing his theory of value.
38. Kliman, Reclaiming Marx's 'Capital', 35:3 (2007), pp. 357-373, op. cit., Chapter 8.
39. A. Kliman and T. McGlone, 'The Transformation non-Problem and the non-Transformation Problem', Capital and Class, 35 (1988), pp. 56-83.
40. A. Freeman, 'Between Two World Systems: A Response to David Laibman', Research In Political Economy, 17 (1999), pp. 241-248;
41. A. Kliman, 'Sell Dear, Buy Cheap? A Reply To Laibman', Research In Political Economy, 17 (1999), pp. 235-240;
42. A. Freeman and A. Kliman, 'Two Concepts of Value, Two Rates of Profit, Two Laws of Motion', Research In Political Economy, 18 (2000), pp. 243-267;
43. Kliman, 'Simultaneous Valuation vs. the Exploitation Theory of Profit', Research in Political Economy, 18 (2000), pp. 285-293. op. cit.,
44. contested by S. Mohun, 'On the TSSI and the Exploitation Theory of Profit', Capital and Class, 81: Autumn (2003), pp. 85-102,
45. reconfirmed by A. Kliman and A. Freeman, 'Replicating Marx: A reply to Mohun', Capital and Class, 88: Spring (2006), pp. 117-126,
46. again contested by S. Mohun and R. Veneziani, 'The Incoherence of the TSSI' Capital and Class, 92: Summer (2007), pp. 139-145,
47. again reconfirmed by A. Freeman and A. Kliman, 'Simultaneous Valuation vs. the Exploitation Theory of Profit: A Summing Up', Capital and Class, 94: Spring (2008), pp. 107-117.
48. A. Kliman, 'Hermeneutics and the Value Theory Controversy: Lessons from Mainstream Historians of Economic Thought', Beiträge zur Marx-Engels-Forschung, Neue Folge (2004),
49. E.D. Hirsch, Validity in Interpretation (New Haven, CT: Yale University Press, 1967).
50. G. Stigler, 'Textual Exegesis as a Scientific Problem', Economica, 32:128 (1965), pp. 447-450.
51. H. Barkai, 'Ricardo's Static Equilibrium', Economica, 32:125 (1965), pp. 15-31,
52. and H. Barkai 'A Note On Ricardo's Notions Of Demand', Economica, 34:133 (1967), pp. 75-79.
53. A. Kliman, 'Hermeneutics and the Value Theory Controversy', Economica, 34:(1967), pp. 75-79. op. cit.
54. If initial simple reproduction is to be considered as an 'arbitrary' initial condition, see G. Mongiovi, 'Vulgar Economy in Marxian Garb: A Critique of Temporal Single-system Marxism', Review of Radical Political Economics, 34:4 (2002), pp. 393-416, then it is equally arbitrary for all three of the approaches we consider, while our focus is not on this 'uncontroversial' initial situation but on the differences between approaches that emerge when we leave this stationary world behind.
55. Simultaneous and dualistic authors continue to 'solve' the transformation problem. J. Loranger, 'A Profitrate Invariant Solution to the Marxian Transformation Problem', Capital and Class, 82: Spring (2004), pp. 23-37, claims to satisfy all three equalities, but introduces certain assumptions or restrictions to produce his 'solution'.
56. But as Kliman, Reclaiming Marx's 'Capital', 82: (2004), op. cit., pp. 169-170, shows Loranger's 'solution' does not always satisfy the three equalities unless we allow prices and money wages to become negative!
57. Steedman, Marx After Sraffa, 82: (2004), pp. 169-170, op. cit.
58. D. Laibman, 'Numerology, Temporalism, and Profit Rate Trends', Research in Political Economy, 18 (2000), pp. 295-306.
59. See R.M. Goodwin, 'A Growth Cycle', in C.H. Feinstein (ed.) Capitalism and Economic Growth (Cambridge: Cambridge University Press, 1967), pp. 54-58;
60. and R.E. Rowthorn, 'Conflict, Inflation and Money', Cambridge Journal of Economics, 1:3 (1977), pp. 215-239.
61. Marx, Capital, Vol.1, 3 (1977), pp. 215-239. op. cit., Chapter 25.
62. Marx, Capital, Vol.3, 3 (1977), pp. 215-239. op. cit., Chapters 13 and 14.
63. Marx, Capital, Vol.1, (1977), Ibid., p. 731.
64. To be precise the value of an input to the production process is defined by its price/monetary expression when it enters production divided by the MELT holding at that time. Stocks may not enter production until many periods after purchase, with a possibly different price than their original purchase price. See N. Potts, 'Valuation in the Presence of Stocks of Commodities: Exploring the Temporal Single System Interpretation of Marx', paper presented to the Association for Heterodox Economics Annual Conference, Cambridge, July 2008, also forthcoming in Critique of Political Economy, for further discussion on how to treat stocks in the TSSI of Marx.
65. Critics of the TSSI such as R. Veneziani, 'The Temporal Single-system Interpretation of Marx's Economics: A Critical Evaluation', Metroeconomica, 55:1 (2004), pp. 96-114, miss the point by claiming that the TSSI simply collapses produced values onto appropriated values; it is not an assumption but a consequence of aggregate analysis respecting Marx's conceptual intention.
66. Marx, Capital, Vol.3, 1 (2004), pp. 96-114, op. cit., Chapters 13 and 14.
67. A. Kliman, 'Value Production and Economic Crisis: A Temporal Analysis', in R. Westra and A. Zuege (eds) Value and the World Economy Today (New York and London: Palgrave Macmillan).
68. Research we believe that is precisely hampered by non-TSSI authors' failure to accept the TSSI's concept of value as a valid concept of value, ensuring TSSI authors have to devote their time to repetitively answering the same criticisms. N. Potts, 'The Political Economy of Money, Profitability and Value' (PhD dissertation, University of London, 2005);
69. Faculty of Business, Sport and Enterprise Research and Enterprise Working Paper, 5, Southampton Solent University (2009),
70. th Business as Usual: A Surprise?', Faculty of Business, Sport and Enterprise Research and Enterprise Working Paper, 7, Southampton Solent University (2009),
71. all N. Potts, 'Money and Finance: Exploring the TSSI', employ a sequential and non-dualistic approach to try to begin to consider how we might integrate the productive economy and the financial system together. Note these Working Papers are available from Nick.Potts@Solent.ac.uk