Marx, Time and Value
For some time I have been reading about the Temporal Single System Interpretation of Marx’s value theory. The TSSI folks are interested in what it means to think about Marx’s theory of value temporally. They claim that by doing so many of the theoretical criticisms that have been levied at Marx over the last century (most importantly the transformation problem and the critique of Marx’s notion of the Falling Rate of Profit) disappear. Their critique is aimed at the heart of neoclassical theory: the concept of general equilibrium and simultaneous equations. By interpreting Marx not as an equilibrium theory of value they argue that Marx can actually explain the real world of temporal fluctuation and change much better than the neoclassical tradition. The TSSI then has some very interesting things to say about value and price, crisis, and the transformation problem.
On this page I have compiled a list of resources that I have posted previously here on this blog and ones existing elsewhere, on and off line.
On the Refutation of the Transformation Problem
What Transformation Problem? – a 3 part video I made a while back explaining what the transformation problem is and why it’s not a problem.
Interview with Andrew Kliman – a 4 part interview in which Kliman talks about many aspects of the TSSI
Reclaiming Marx’s Capital: a Refutation of the Myth of Internal Inconsistency – This is Kliman’s book on the subject- a classic.
The Falling Rate of Profit – This is a video I made describing Marx’s basic theory of the falling rate of profit, a theory which has been in disrepute in some circles and which the TSSI means to defend. It doesn’t deal with the TSSI stuff directly but is a good introduction to the concept of the Tendency of the Rate of Profit to Fall.
Root’s of the Economic Crisis- a talk given by Andrew Kliman at the 2010 Left Forum. Scroll down to his 3 part talk.
TSSI Tutorial at Rethinking Marxism Conference – Kliman’s sections of the talk deal with the tendency of the rate of profit to fall.
“Return from the Grave” by Guglielmo Carchedi- This is a great paper by Carchedi comparing different theories of crisis and defending the Tendency of the Rate of Profit to Fall from a TSSI perspective.
“Marxian Debates on the Falling Rate of Profit” by Alan Freeman- a good overview of the debates on crisis theory.
What Makes the US Profit Rate Fall? – a more technical paper by Alan Freeman. There are some other great papers by Freeman on his site as well.
Kliman’s latest work on the crisis - Kliman has done a huge empirical study of the current crisis which is available on his site as well as several other useful papers.
Interview with Andrew Kliman- the above-mentioned interview. Kliman critiques some of the other popular crisis theories floating around on the left and also some of the critiques of Marx’s notion of the Tendency of the Rate of Profit to Fall.
TSSI tutorial at the Rethinking Marxism Conference: Alan Freeman’s talk. Alan’s portion of the tutorial interested me most because I hadn’t done much reading or thinking about the notion of non-equilibrium price and values before then. This inspired me to do some more reading on the subject.
Frontiers of Political Economy by Guglielmo Carchedi - This is a great book by Carchedi discussing price theory and crisis theory. It’s going for cheap on-line. This book really helped me wrap my head around the value price relation from a TSSI perspective.
Marx and Non-Equilibrium Economics – editors Freeman and Carchedi. This book is prohibitively expensive. I was able to get it through a friend who works at an academic library. It has some great essays that helped me think about value and price.
The New Value Controversy- editors Freeman, Kliman, Wells. This book is also too expensive. Look for it in a library. It also has some good essays although I found Marx and Non-Equilibrium to be more helpful.
An Invasive Metaphor; the concept of’ ‘Center of Gravity’ in Economics- by Alan Freeman; This is an essay critiquing the metaphor of “center of gravity” which is often used as a defense of equilibrium theories of price. The essay left me wondering what would be an appropriate metaphor for the price-value relation…
“Value, Price of Production and Market Price” – Alan Freeman. This is a brief encyclopedia entry by Freeman on these concepts. It contrasts the TSSI approach with “simultaneous” takes on these ideas.
“Limits of Ricardian Value Theory; Law, Contingency and Motion in Economics” by Alan Freeman. This paper took me several readings to wrap my head around. Particularly interesting is the stuff on Marx’s theory of ground rent as a marginal theory.
I will eventually make a video on Value and Price as part of my Law of Value series. It will draw heavily on Carchedi’s explanation of price in “Frontiers of Political Economy”.