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

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.