By Alan Freeman, Visit Amazon's Andrew Kliman Page, search results, Learn about Author Central, Andrew Kliman, , Julian Wells
A sequel to 'Marx and Non-Equilibrium Economics', this number of papers introduces key advances in smooth worth idea. Equilibrium and non-equilibrium methods are mentioned along the speculation in the back of summary labour and funds. A ordinary topic is the 'temporal single-system interpretation;. interpretation'.
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Additional resources for The new value controversy and the foundations of economics
Example text
12. The TSS interpretation replicates Marx's results in all12 cases, and I know of no other case in which it fails to do so. It is also noteworthy that the simultaneist (standard and SSS) interpretations yield almost no results whatever, except by postulating static equilibrium. In contrast, the theoretical results of Marx and the TSS interpretation do not rely on static equilibrium or on perpetual disequilibrium (contrary to what Laibman implies). Determinate conclusions are yielded in either case.
20th-Century Marxist' value theory is not Marx's value theory. Of course, the TSS interpretation is 'only an interpretation' and one that many seem to find unappealing. That the 'proofs' of internal inconsistency have been refuted, however, is not a matter of opinion or taste. It is fact. By repeatedly replicating Marx's results, TSS research has demonstrated that what contradicts his theoretical claims is not his value theory itself, but the standard interpretation of that theory. It remains legitimate for '20th-century Marxists' to argue that, as they interpret Marx, his value theory is not fully correct, complete, or consistent.
The fixed capital stock thus grows continually, as does the technical composition of capital (since L is constant). Since new investment equals L0, then, letting K, be the aggregate value of the capital stock in period t, K,. ) The profit rate in period t is thus Since all terms on the right-hand side except tare constant, r falls continuously and approaches zero as t approaches infinity. In deriving this result, no assumption concerning fixed capital requirements per unit of output(s) was made.