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    Some Notes on the Temporal Single-System Interpretation of Marxian Value Theory

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    https://www.riss.kr/link?id=A105446210

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    다국어 초록 (Multilingual Abstract) kakao i 다국어 번역

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    In this paper, I makes some critical comments on the temporal single-system interpretation (TSSI) of Marxian value theory. The first concerns the claim that the Fundamental Marxian Theorem (FMT) holds within the TSSI under completely general conditions. Based on the idea that the nominal profit does not well fit the FMT, the TSSI proponents suggest that more relevant for proving the TSSI FMT is the real profit, defined by deflating the output prices. In contrast, I propose a more general approach where three possible concepts of profit are all considered, in which case the result is that whether the FMT holds within the TSSI is indeterminate. Second, the refutation of the Okishio theorem presented in Kliman (1996) is critically examined, focusing on the criticism raised in the literature that the Kliman model ignores the cost-reduction criterion as for the technical change and therefore cannot be considered as an internal refutation of the Okishio theorem. Drawing upon the criticism, I explicitly incorporate the cost-reduction criterion into the Kliman model and show that the continuous labor-saving technical change of the Kliman model is not necessarily cost-reducing and under certain conditions is cost-neutral or cost-raising.
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    In this paper, I makes some critical comments on the temporal single-system interpretation (TSSI) of Marxian value theory. The first concerns the claim that the Fundamental Marxian Theorem (FMT) holds within the TSSI under completely general condition...

    In this paper, I makes some critical comments on the temporal single-system interpretation (TSSI) of Marxian value theory. The first concerns the claim that the Fundamental Marxian Theorem (FMT) holds within the TSSI under completely general conditions. Based on the idea that the nominal profit does not well fit the FMT, the TSSI proponents suggest that more relevant for proving the TSSI FMT is the real profit, defined by deflating the output prices. In contrast, I propose a more general approach where three possible concepts of profit are all considered, in which case the result is that whether the FMT holds within the TSSI is indeterminate. Second, the refutation of the Okishio theorem presented in Kliman (1996) is critically examined, focusing on the criticism raised in the literature that the Kliman model ignores the cost-reduction criterion as for the technical change and therefore cannot be considered as an internal refutation of the Okishio theorem. Drawing upon the criticism, I explicitly incorporate the cost-reduction criterion into the Kliman model and show that the continuous labor-saving technical change of the Kliman model is not necessarily cost-reducing and under certain conditions is cost-neutral or cost-raising.

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    참고문헌 (Reference)

    1 Mongiovi, G., "Vulgar Economy in Marxian Garbs: A Critique of Temporal Single-System Marxiam" 34 (34): 393-416, 2002

    2 Veneziani, R., "The Temporal Single-System Interpretation of Marxian Economics: A Critical Evaluation" 55 (55): 96-114, 2004

    3 김창근, "The Recent Controversy on Marx’s Value Theory" 사회과학연구원 7 (7): 282-320, 2010

    4 Okishio, N., "Technical Change and the Rate of Profit. Kobe University" 7 : 85-99, 1961

    5 Kliman, A., "Simultaneous Valuation vs. the Exploitation Theory of Profit" 73 : 2001

    6 Zarembka, P., "Research in Political Economy, 18" 18-, 2000

    7 Zarembka, P., "Research in Political Economy, 17" 1999

    8 Laibman, D., "Research in Political Economy 17" 1999

    9 Kliman, A., "Reclaiming Marx’s “Capital”: A Refutation of the Myth of Inconsistency" Lexington Books 2007

    10 Morishima, M., "Marx’s Economics: A Dual Theory of Value and Growth" Cambridge University Press 1973

    1 Mongiovi, G., "Vulgar Economy in Marxian Garbs: A Critique of Temporal Single-System Marxiam" 34 (34): 393-416, 2002

    2 Veneziani, R., "The Temporal Single-System Interpretation of Marxian Economics: A Critical Evaluation" 55 (55): 96-114, 2004

    3 김창근, "The Recent Controversy on Marx’s Value Theory" 사회과학연구원 7 (7): 282-320, 2010

    4 Okishio, N., "Technical Change and the Rate of Profit. Kobe University" 7 : 85-99, 1961

    5 Kliman, A., "Simultaneous Valuation vs. the Exploitation Theory of Profit" 73 : 2001

    6 Zarembka, P., "Research in Political Economy, 18" 18-, 2000

    7 Zarembka, P., "Research in Political Economy, 17" 1999

    8 Laibman, D., "Research in Political Economy 17" 1999

    9 Kliman, A., "Reclaiming Marx’s “Capital”: A Refutation of the Myth of Inconsistency" Lexington Books 2007

    10 Morishima, M., "Marx’s Economics: A Dual Theory of Value and Growth" Cambridge University Press 1973

    11 Kliman, A., "Marx and Non-equilibrium Economics" 206-224, 1996

    12 Freeman, A., "Marx and Non-equilibrium Economics" Edward Elgar 1996

    13 Potts, N., "Is Marx’s Theory of Profit Right? The Simultaneist-Temporalist Debate" Lexington Books 2015

    14 Rieu, D. M., "Interpretations of Marxian Value Theory in Terms of the Fundamental Marxian Theorem" 41 (41): 216-226, 2009

    15 Rieu, D. M., "Has the Okishio Theorem Been Refuted?" 60 (60): 162-178, 2009

    16 Veneziani, R., "Dynamics, Disequilibrium, and Marxian Economics: A Formal Analysis of Temporal Single-System Marxism" 37 : 517-529, 2005

    17 Romer, J., "Analytical Foundations of Marxian Economic Theory" Cambridge University Press 1981

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