A Welcome Step in a Useful Direction: A Response to Changkeun Kim
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This paper responds to Changkeun Kim’s intervention in the debate between the dominant simultaneous dual-system interpretation of Marx’s value theory (SDSI) and the temporal single-system interpretation (TSSI), a growing current that challenges the academic consensus. We discuss Kim’s most significant contributions to the debate over the “Fundamental Marxian Theorem” (FMT),including his adherence to scholarly standards and his confirmation that the FMT is not a valid conclusion of the SDSI, while it is a valid conclusion of the TSSI. This key outcome of the decade-long debate undermines SDSI authors’ claims that Marx’s theory of exploitation does not work, but that their FMT can reproduce his essential insights. We also respond to Kim’s argument that the TSSI is potentially circular and to his effort to remedy the apparent problem by arguing that the monetary expression of labor-time determined the nominal price of output when the gold standard prevailed. We argue that the circularity critique is inapplicable to the TSSI and put forward a contrary view of the relationship between these variables.
Abstract
This paper responds to Changkeun Kim’s intervention in the debate between the dominant simultaneous dual-system interpretation of Marx’s value theory (SDSI) and the temporal single-system interpretation (TSSI), a growing current that challenges the academic consensus. We discuss Kim’s most significant contributions to the debate over the “Fundamental Marxian Theorem” (FMT),including his adherence to scholarly standards and his confirmation that the FMT is not a valid conclusion of the SDSI, while it is a valid conclusion of the TSSI. This key outcome of the decade-long debate undermines SDSI authors’ claims that Marx’s theory of exploitation does not work, but that their FMT can reproduce his essential insights. We also respond to Kim’s argument that the TSSI is potentially circular and to his effort to remedy the apparent problem by arguing that the monetary expression of labor-time determined the nominal price of output when the gold standard prevailed. We argue that the circularity critique is inapplicable to the TSSI and put forward a contrary view of the relationship between these variables.
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