Valuation in the Presence of Stocks of Commodities: exploring the temporal single-system interpretation of Marx

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Abstract

This paper seeks to stimulate debate on how to value commodities following the temporal single-system interpretation (TSSI) of Marx’s value theory. I suggest that, although both Andrew Kliman and Alan Freeman follow a TSSI of Marx, their approaches to calculating the value of commodities differ. To illustrate this difference, I consider a simple model of the economy with stocks of unsold commodities being carried forward from one period to the next. I conclude that this difference in approach indicates just how much exciting research remains to be done within the TSSI of Marx.
Original languageEnglish
Pages (from-to)89-119
Number of pages30
JournalCritique of Political Economy
Volume1
Publication statusPublished - 2011

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Karl Marx
Commodities
Value theory

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title = "Valuation in the Presence of Stocks of Commodities: exploring the temporal single-system interpretation of Marx",
abstract = "This paper seeks to stimulate debate on how to value commodities following the temporal single-system interpretation (TSSI) of Marx’s value theory. I suggest that, although both Andrew Kliman and Alan Freeman follow a TSSI of Marx, their approaches to calculating the value of commodities differ. To illustrate this difference, I consider a simple model of the economy with stocks of unsold commodities being carried forward from one period to the next. I conclude that this difference in approach indicates just how much exciting research remains to be done within the TSSI of Marx.",
author = "Nicholas Potts",
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AB - This paper seeks to stimulate debate on how to value commodities following the temporal single-system interpretation (TSSI) of Marx’s value theory. I suggest that, although both Andrew Kliman and Alan Freeman follow a TSSI of Marx, their approaches to calculating the value of commodities differ. To illustrate this difference, I consider a simple model of the economy with stocks of unsold commodities being carried forward from one period to the next. I conclude that this difference in approach indicates just how much exciting research remains to be done within the TSSI of Marx.

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