Some Notes on the Temporal Single-System Interpretation of Marxian Value Theory
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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.
Abstract
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.
참고문헌 (17)
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