The Truthiness of Veneziani’s Critique of Marx and the TSSI
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A 2004 paper by Roberto Veneziani criticized the temporal single-system interpretation (TSSI) of Karl Marx’ value theory as well as Marx’ own value theory and law of the tendential fall in the rate of profit. This paper responds to Veneziani’ critique, showing that it is teeming with falsehoods and logical problems. When assessed in terms of logical rigor, precision, and truthfulness (as distinct from truthiness ― “ruth that comes from the gut”, none of his criticisms hold water. The topics discussed herein include: the methodology of the TSSI’ refutation of the allegations of internal inconsistency leveled against Marx, the difference between prices and values, the origin of profit, the monetary expression of labor-time, and the law of the tendential fall in the rate of profit and Okshio’ theorem.
Abstract
A 2004 paper by Roberto Veneziani criticized the temporal single-system interpretation (TSSI) of Karl Marx’ value theory as well as Marx’ own value theory and law of the tendential fall in the rate of profit. This paper responds to Veneziani’ critique, showing that it is teeming with falsehoods and logical problems. When assessed in terms of logical rigor, precision, and truthfulness (as distinct from truthiness ― “ruth that comes from the gut”, none of his criticisms hold water. The topics discussed herein include: the methodology of the TSSI’ refutation of the allegations of internal inconsistency leveled against Marx, the difference between prices and values, the origin of profit, the monetary expression of labor-time, and the law of the tendential fall in the rate of profit and Okshio’ theorem.
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