A General Theory of Value and Money: Foundations of an Axiomatic Theory

Freeman, Alan

doi:10.13169/worlrevipoliecon.11.1.0028

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A General Theory of Value and Money: Foundations of an Axiomatic Theory

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Author(s): Alan Freeman

Publication date (Print): 1 April 2020

Journal: World Review of Political Economy

Publisher: Pluto Journals

Keywords: value, finance, crisis, TSSI

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Journal ID (doi): 10.2307/j50005553

Journal ID (jcode): worlrevipoliecon

Title: World Review of Political Economy

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ISSN: 2042-891X

ISSN: 2042-8928

Publication date (Print): 1 April 2020

Volume: 11

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Keywords: value,crisis,finance,TSSI

References

Aglietta, M. 1979. A Theory of Capitalist Regulation: The US Experience. London: New Left Books.
Ankarloo, D. 2002. “New Institutional Economics and Economic History.” Capital and Class 26 (3): 9–36.
Arrow, K. J., and G. Debreu. 1954. “Existence of an Equilibrium for a Competitive Economy.” Econometrica 22 (3): 265–290.
Backhaus, H. 2011. Dialektik der Wertform [Dialectics of the Value Form]. Freiburg: Ca-ira Verlag.
Bridel, P. 1997. Money and General Equilibrium Theory: From Walras to Pareto, 1870–1923. Aldershot: Edward Elgar.
Cheng, E., G. Wang, and K. Zhu. 2019. The Creation of Value by Living Labour: A Normative and Empirical Study, vol. 2. New York and Beijing: Canut Press.
Chick, V. 1998. “On Knowing one's Place: The Role of Formalism in Economics.” Economic Journal 108 (451): 1859–1869.
Desai, R. 2016. “The Value of History and the History of Value.” In The Great Meltdown of 2008: Systemic, Conjunctural or Policy-Created?, edited by T Subasat, 135–168. Cheltenham: Edward Elgar.
Desai, R. 2020. “Commodified Money and Crustacean Nations.” In Karl Polanyi and Twenty-First-Century Capitalism, edited by R. Desai and K. P. Levit, 78–101. Manchester: Manchester University Press.
Dobb, M. 1973. Theories of Value and Distribution since Adam Smith: Ideology and Economic Theory. Cambridge, MA: Cambridge University Press.
Dore, M. H. I. 1993. The Macrodynamics of Business Cycles: A Comparative Evaluation. Cambridge, MA: Blackwell.
Dow, S. C. 1990. “Beyond Dualism.” Cambridge Journal of Economics 14 (2): 143–157.
Duménil, G. 1983. “Beyond the Transformation Riddle: A Labor Theory of Value.” Science and Society 47 (4): 427–434.
Farjoun, E., and M. Machover. 1983. Laws of Chaos: Probabilistic Approach to Political Economy. London: Verso Books.
Foley, D. 1982. “The Value of Money, the Value of Labor Power and the Marxian Transformation Problem.” Review of Radical Political Economics 14 (2): 37–47.
Freeman, A. 1998a. “A General Refutation of the Okishio Theorem.” In Marxian Economics: A Reappraisal, edited by R. Bellofiore, 139–162. Basingstoke: MacMillan.
Freeman, A. 2000. “Marxian Debates on the Falling Rate of Profit.” Greenwich, July. https://ideas.repec.org/p/pra/mprapa/2588.html.
Freeman, A. 2001. “Two Concepts of ‘Centre of Gravity’: Commentary on Contributions by Gary Mongiovi and Fred Moseley.” Paper presented at the Annual Mini-conference on Value of the International Working Group on Value Theory, Eastern Economic Association, April. http://copejournal.com/wp-content/uploads/2015/12/Freeman-Two-Concepts-of-Centre-of-Gravity-Commentary-on-Contributions-by-Gary-Mongiovi-and-Fred-Moseley-2001.pdf.
Freeman, A. 2006. “An Invasive Metaphor: The Concept of ‘Centre of Gravity’ in Economics.” https://ideas.repec.org/p/pra/mprapa/6812.html.
Freeman, A. 2010. “Trends in Value Theory since 1881.” World Review of Political Economy 1 (4): 567–606.
Freeman, A. 2011. “Money, Labor, and Logic: A Critical Comparison.” Critique of Political Economy 1 (September): 155–177.
Freeman, A. 2012. “The Profit Rate in the Presence of Financial Markets: A Necessary Correction.” Journal of Australian Political Economy 70 (Summer): 167–192.
Freeman, A. 2018a. “Value and Class.” In The Oxford Handbook of Karl Marx, edited by M. Vidal, T. Smith, T. Rotta, and P. Prew, 151–171. Oxford: Oxford University Press.
Freeman, A. 2018b. “How the West was Lost.” Acceptance Speech for the World Marxist Economics Award, National Conference of the World Association for Political Economy, Berlin 2018. https://www.academia.edu/37069840/How_the_West_was_Lost.
Freeman, A. 2019. “The Problem of Exchange Consistency.” Paper presented to at the International Symposium on Marx in the 21st Century—Bicentennial Anniversary of Marx's Birth. Organized by the Japan Society for Political Economy. December 22 and 23, Hosei University, Tokyo, Japan.
Freeman, A. 2020. “Foreword: Pluralism: Scientific, Emancipatory, and Here to Stay.” In Contemporary Issues in Heterodox Economics: Implications for Theory and Policy Action, edited by A. Hermann and S. Mouatt, xiv–xxxii. London: Routledge.
Freeman, A., and G. Carchedi, eds. 1996. Marx and Non-Equilibrium Economics. Aldershot and London: Edward Elgar.
Freeman, A., and A. Kliman. 2011. “A Welcome Step in a Useful Direction: A Response to Changkeun Kim.” Marxism 21 8 (2):167–215.
Giussani, P., and M. Vale. 1991. “The Determination of Prices of Production.” International Journal of Political Economy 21 (4): 67–86.
Godley, W., and M. Lavoie. 2007. Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth. Basingstoke and New York: Palgrave Macmillan.
Greenblatt, R. E. 2014. “A Proposed Micro Foundation for the ‘New Interpretation’ of the Labor Theory of Value.” https://www.academia.edu/31789464/A_Proposed_Micro_Foundation_for_the_New_Interpretation_of_the_Labor_Theory_of_Value.
Greenspan, A. 2013. The Map and the Territory: Risk, Human Nature, and the Future of Forecasting. London: Penguin.
Hazewinkel, M., ed. 2001. “Axiomatic Method.” In Encyclopaedia of Mathematics, Springer. http://www.encyclopediaofmath.org/index.php?title=Axiomatic_method&oldid=17770.
Heinrich, M. 1999. Die Wissenschaft vom Wert [The Science of Value]. Münster: Westfälisches Dampfboot.
Heinrich, M. 2013. “Crisis Theory, the Law of the Tendency of the Profit Rate to Fall, and Marx's Studies in the 1870s.” Monthly Review 64 (11). https://monthlyreview.org/2013/04/01/crisis-theory-the-law-of-the-tendency-of-the-profit-rate-to-fall-and-marxs-studies-in-the-1870s/.
Istratescu, V. I. 2001. Fixed Point Theory. An Introduction. Kluwer: Springer.
Kautsky, K. 1905. The Economic Doctrines of Karl Marx. New York: Hyperion.
Kim, C. 2010. “The Recent Controversy on Marx's Value Theory: A Critical Assessment.” Marxism 21 7 (2): 282–319.
Kliman, A. J. 1988. “The Profit Rate under Continuous Technological Change.” Review of Radical Political Economics 20 (2–3): 283–289.
Kliman, A. J. 2001. “Simultaneous Valuation vs. the Exploitation Theory of Profit.” Capital and Class 25 (1): 97–112.
Kliman, A. J. 2007. Reclaiming Marx's Capital: A Refutation of the Myth of Inconsistency. Lanham, MD: Lexington.
Kliman, A., and T. McGlone. 1988. “The Transformation Non-Problem and the Non-Transformation Problem.” Capital and Class 12 (2): 56–84.
Kliman, A. J., and N. Potts. 2015. Is Marx's Theory of Profit Right? The Simultaneist–Temporalist Debate. Lanham, MD: Lexington.
Kliman, A., A. Freeman, A. Gusev, and N. Potts. 2014. “The Unmaking of Marx's Capital: Heinrich's Attempt to Eliminate Marx's Crisis Theory.” www.ideas.repec.org/p/pra/mprapa/48535.html.
Komlos, J. 2019. Foundations of Real-World Economics. London: Routledge. Lapavitsas, C. 1994. “The Banking School and the Monetary Thought of Karl Marx.” Cambridge Journal of Economics 18 (5): 447–461.
Lawson, T. 2006. “The Nature of Heterodox Economics.” Cambridge Journal of Economics 30 (4): 483–505.
Maito, E. 2016. “Distribución del ingreso, rotación del capital y niveles rentabilidad” [Income Distribution, Capital Flow and Profit Level]. Economía: Teoría y práctica 45. http://www.scielo.org.mx/scielo.php?script=sci_arttext&pid=S0188-33802016000200169.
Maldonado-Filho, E. 1994. “Release and Tying up of Productive Capital and the ‘Transformation Problem.‘” Paper presented at the Annual Mini-conference of the International Working Group on Value Theory, hosted by the Eastern Economic Association Conference, Boston, March. https://www.scribd.com/document/20469895/Eduardo-Maldonado-Filho-Release-and-Tying-Up-of-Productive-Capital-and-the-Transformation-Problem.
Marx, K. 1976. Capital, vol. I. London: Penguin.
Marx, K. 1981. Capital, vol. III. London: Penguin.
Mateo Tomé, J. P. 2019. The Theory of Crisis and the Great Recession in Spain. 1st ed. London: Palgrave Macmillan.
Meng, J., and J. Feng. 2017. “The Reduction of Complex Labor and the Determination of Product Value: A Theoretical and Mathematical Analysis.” Economic Research Journal 52 (2): 187–198. http://jtp.cnki.net/bilingual/detail/html/JJYJ201702014.
Mongiovi, G. 2002. “Vulgar Economy in Marxian Garb: A Critique of Temporal Single System Marxism.” Presented at the Annual Mini-conference of the International Working Group on Value Theory, hosted by the Eastern Economic Association Conference, April. www.iwgvt.org/iwg_sessions.php?year=2002.
Morishima, M. 1973. Marx's Economics: A Dual Theory of Value and Growth. Cambridge: Cambridge University Press.
Moseley, F. 2018. Money and Totality: A Macro-Monetary Interpretation of Marx's Logic in Capital and the End of the “Transformation Problem.” Chicago: Haymarket Books.
Okishio, N. 1961. “Technical Changes and the Rate of Profit.” Kobe University Economic Review 7: 85–99.
Okishio, N. 2001. “Competition and Production Prices.” Cambridge Journal of Economics 25 (4): 493–501.
Parijs, Phillipe van. 1980. “The Falling-Rate-of-Profit Theory of Crisis: A Rational Reconstruction by Way of Obituary.” Review of Radical Political Economics 12 (1): 1–14.
Pasinetti, L. 1983. Structural Change and Economic Growth: A Theoretical Essay on the Dynamics and Wealth of Nations. Cambridge: Cambridge University Press.
Polanyi, K. (1944) 2001. The Great Transformation: The Political and Economic Origins of Our Time. 1st ed. Boston, MA: Beacon Press.
Ramos, A. 1995. “The Monetary Expression of Labour: Marx's Twofold Measure of Value.” Paper presented at the Annual Mini-conference of the International Working Group on Value Theory, hosted by the Eastern Economic Association, New York, April. http://copejournal.com/wp-content/uploads/2017/02/Ramos-The-Monetary-Expression-of-Labour-Marxs-Twofold-Measure-of-Value.pdf.
Ramos, A., and A. Rodriguez. 1996. “The Transformation of Values into Prices of Production: A Different Reading of Marx's Text.” In Marx and Non-Equilibrium Economics, edited by A. Freeman and G. Carchedi, 49–76. Aldershot and London: Edward Elgar.
Robinson, J. (1942) 1960. An Essay on Marxian Economics. London: Macmillan.
Roemer, J. 1981. Analytical Foundations of Marxian Economic Theory. Cambridge: Cambridge University Press.
Samuelson, P. 1971. “Understanding the Marxian Notion of Exploitation: A Summary of the So-Called ‘Transformation Problem’ between Marxian Values and Competitive Prices.” Journal of Economic Literature 9 (2): 399–431.
Schumpeter, J. 1994. History of Economic Analysis. London: Routledge.
Shoup, C. 1988. “The Value Added Tax and Developing Countries.” World Bank Research Observer 3 (2): 139–156.
Smith, A. (1776) 2008. An Inquiry into the Nature and Causes of the Wealth of Nations: A Selected Edition. Oxford: Oxford Paperbacks.
Sraffa, P. 1975. Production of Commodities by Means of Commodities. Cambridge: Cambridge University Press.
Steedman, I. 1981. Marx after Sraffa. London: Verso Books.
Sweezy, P. (1942) 1970. The Theory of Capitalist Development: Principles of Marxian Political Economy. New York: Modern Reader Paperbacks.
Uno, K. 1980. Principles of Political Economy: Theory of a Purely Capitalist Society. Translated from the Japanese by T. T. Sekine. Atlantic Highlands, NJ: Brighton.
Von Böhm-Bawerk, E. (1884) 2014. Capital and Interest: A Critical History of Economic Theory. Charleston, SC: Nabu Press.
Von Bortkiewicz, L. (1905) 1952. “Value and Price in the Marxian System (Part I).” International Economic Papers, no. 2: 5–60.

Comments

Comment on this article

[1] Aglietta, M. 1979. A Theory of Capitalist Regulation: The US Experience. London: New Left Books.

[2] Ankarloo, D. 2002. “New Institutional Economics and Economic History.” Capital and Class 26 (3): 9–36.

[3] Arrow, K. J., and G. Debreu. 1954. “Existence of an Equilibrium for a Competitive Economy.” Econometrica 22 (3): 265–290.

[4] Backhaus, H. 2011. Dialektik der Wertform [Dialectics of the Value Form]. Freiburg: Ca-ira Verlag.

[5] Bridel, P. 1997. Money and General Equilibrium Theory: From Walras to Pareto, 1870–1923. Aldershot: Edward Elgar.

[6] Cheng, E., G. Wang, and K. Zhu. 2019. The Creation of Value by Living Labour: A Normative and Empirical Study, vol. 2. New York and Beijing: Canut Press.

[7] Chick, V. 1998. “On Knowing one's Place: The Role of Formalism in Economics.” Economic Journal 108 (451): 1859–1869.

[8] Desai, R. 2016. “The Value of History and the History of Value.” In The Great Meltdown of 2008: Systemic, Conjunctural or Policy-Created?, edited by T Subasat, 135–168. Cheltenham: Edward Elgar.

[9] Desai, R. 2020. “Commodified Money and Crustacean Nations.” In Karl Polanyi and Twenty-First-Century Capitalism, edited by R. Desai and K. P. Levit, 78–101. Manchester: Manchester University Press.

[10] Dobb, M. 1973. Theories of Value and Distribution since Adam Smith: Ideology and Economic Theory. Cambridge, MA: Cambridge University Press.

[11] Dore, M. H. I. 1993. The Macrodynamics of Business Cycles: A Comparative Evaluation. Cambridge, MA: Blackwell.

[12] Dow, S. C. 1990. “Beyond Dualism.” Cambridge Journal of Economics 14 (2): 143–157.

[13] Duménil, G. 1983. “Beyond the Transformation Riddle: A Labor Theory of Value.” Science and Society 47 (4): 427–434.

[14] Farjoun, E., and M. Machover. 1983. Laws of Chaos: Probabilistic Approach to Political Economy. London: Verso Books.

[15] Foley, D. 1982. “The Value of Money, the Value of Labor Power and the Marxian Transformation Problem.” Review of Radical Political Economics 14 (2): 37–47.

[16] Freeman, A. 1998a. “A General Refutation of the Okishio Theorem.” In Marxian Economics: A Reappraisal, edited by R. Bellofiore, 139–162. Basingstoke: MacMillan.

[17] Freeman, A. 2000. “Marxian Debates on the Falling Rate of Profit.” Greenwich, July. https://ideas.repec.org/p/pra/mprapa/2588.html.

[18] Freeman, A. 2001. “Two Concepts of ‘Centre of Gravity’: Commentary on Contributions by Gary Mongiovi and Fred Moseley.” Paper presented at the Annual Mini-conference on Value of the International Working Group on Value Theory, Eastern Economic Association, April. http://copejournal.com/wp-content/uploads/2015/12/Freeman-Two-Concepts-of-Centre-of-Gravity-Commentary-on-Contributions-by-Gary-Mongiovi-and-Fred-Moseley-2001.pdf.

[19] Freeman, A. 2006. “An Invasive Metaphor: The Concept of ‘Centre of Gravity’ in Economics.” https://ideas.repec.org/p/pra/mprapa/6812.html.

[20] Freeman, A. 2010. “Trends in Value Theory since 1881.” World Review of Political Economy 1 (4): 567–606.

[21] Freeman, A. 2011. “Money, Labor, and Logic: A Critical Comparison.” Critique of Political Economy 1 (September): 155–177.

[22] Freeman, A. 2012. “The Profit Rate in the Presence of Financial Markets: A Necessary Correction.” Journal of Australian Political Economy 70 (Summer): 167–192.

[23] Freeman, A. 2018a. “Value and Class.” In The Oxford Handbook of Karl Marx, edited by M. Vidal, T. Smith, T. Rotta, and P. Prew, 151–171. Oxford: Oxford University Press.

[24] Freeman, A. 2018b. “How the West was Lost.” Acceptance Speech for the World Marxist Economics Award, National Conference of the World Association for Political Economy, Berlin 2018. https://www.academia.edu/37069840/How_the_West_was_Lost.

[25] Freeman, A. 2019. “The Problem of Exchange Consistency.” Paper presented to at the International Symposium on Marx in the 21st Century—Bicentennial Anniversary of Marx's Birth. Organized by the Japan Society for Political Economy. December 22 and 23, Hosei University, Tokyo, Japan.

[26] Freeman, A. 2020. “Foreword: Pluralism: Scientific, Emancipatory, and Here to Stay.” In Contemporary Issues in Heterodox Economics: Implications for Theory and Policy Action, edited by A. Hermann and S. Mouatt, xiv–xxxii. London: Routledge.

[27] Freeman, A., and G. Carchedi, eds. 1996. Marx and Non-Equilibrium Economics. Aldershot and London: Edward Elgar.

[28] Freeman, A., and A. Kliman. 2011. “A Welcome Step in a Useful Direction: A Response to Changkeun Kim.” Marxism 21 8 (2):167–215.

[29] Giussani, P., and M. Vale. 1991. “The Determination of Prices of Production.” International Journal of Political Economy 21 (4): 67–86.

[30] Godley, W., and M. Lavoie. 2007. Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth. Basingstoke and New York: Palgrave Macmillan.

[31] Greenblatt, R. E. 2014. “A Proposed Micro Foundation for the ‘New Interpretation’ of the Labor Theory of Value.” https://www.academia.edu/31789464/A_Proposed_Micro_Foundation_for_the_New_Interpretation_of_the_Labor_Theory_of_Value.

[32] Greenspan, A. 2013. The Map and the Territory: Risk, Human Nature, and the Future of Forecasting. London: Penguin.

[33] Hazewinkel, M., ed. 2001. “Axiomatic Method.” In Encyclopaedia of Mathematics, Springer. http://www.encyclopediaofmath.org/index.php?title=Axiomatic_method&oldid=17770.

[34] Heinrich, M. 1999. Die Wissenschaft vom Wert [The Science of Value]. Münster: Westfälisches Dampfboot.

[35] Heinrich, M. 2013. “Crisis Theory, the Law of the Tendency of the Profit Rate to Fall, and Marx's Studies in the 1870s.” Monthly Review 64 (11). https://monthlyreview.org/2013/04/01/crisis-theory-the-law-of-the-tendency-of-the-profit-rate-to-fall-and-marxs-studies-in-the-1870s/.

[36] Istratescu, V. I. 2001. Fixed Point Theory. An Introduction. Kluwer: Springer.

[37] Kautsky, K. 1905. The Economic Doctrines of Karl Marx. New York: Hyperion.

[38] Kim, C. 2010. “The Recent Controversy on Marx's Value Theory: A Critical Assessment.” Marxism 21 7 (2): 282–319.

[39] Kliman, A. J. 1988. “The Profit Rate under Continuous Technological Change.” Review of Radical Political Economics 20 (2–3): 283–289.

[40] Kliman, A. J. 2001. “Simultaneous Valuation vs. the Exploitation Theory of Profit.” Capital and Class 25 (1): 97–112.

[41] Kliman, A. J. 2007. Reclaiming Marx's Capital: A Refutation of the Myth of Inconsistency. Lanham, MD: Lexington.

[42] Kliman, A., and T. McGlone. 1988. “The Transformation Non-Problem and the Non-Transformation Problem.” Capital and Class 12 (2): 56–84.

[43] Kliman, A. J., and N. Potts. 2015. Is Marx's Theory of Profit Right? The Simultaneist–Temporalist Debate. Lanham, MD: Lexington.

[44] Kliman, A., A. Freeman, A. Gusev, and N. Potts. 2014. “The Unmaking of Marx's Capital: Heinrich's Attempt to Eliminate Marx's Crisis Theory.” www.ideas.repec.org/p/pra/mprapa/48535.html.

[45] Komlos, J. 2019. Foundations of Real-World Economics. London: Routledge. Lapavitsas, C. 1994. “The Banking School and the Monetary Thought of Karl Marx.” Cambridge Journal of Economics 18 (5): 447–461.

[46] Lawson, T. 2006. “The Nature of Heterodox Economics.” Cambridge Journal of Economics 30 (4): 483–505.

[47] Maito, E. 2016. “Distribución del ingreso, rotación del capital y niveles rentabilidad” [Income Distribution, Capital Flow and Profit Level]. Economía: Teoría y práctica 45. http://www.scielo.org.mx/scielo.php?script=sci_arttext&pid=S0188-33802016000200169.

[48] Maldonado-Filho, E. 1994. “Release and Tying up of Productive Capital and the ‘Transformation Problem.‘” Paper presented at the Annual Mini-conference of the International Working Group on Value Theory, hosted by the Eastern Economic Association Conference, Boston, March. https://www.scribd.com/document/20469895/Eduardo-Maldonado-Filho-Release-and-Tying-Up-of-Productive-Capital-and-the-Transformation-Problem.

[49] Marx, K. 1976. Capital, vol. I. London: Penguin.

[50] Marx, K. 1981. Capital, vol. III. London: Penguin.

[51] Mateo Tomé, J. P. 2019. The Theory of Crisis and the Great Recession in Spain. 1st ed. London: Palgrave Macmillan.

[52] Meng, J., and J. Feng. 2017. “The Reduction of Complex Labor and the Determination of Product Value: A Theoretical and Mathematical Analysis.” Economic Research Journal 52 (2): 187–198. http://jtp.cnki.net/bilingual/detail/html/JJYJ201702014.

[53] Mongiovi, G. 2002. “Vulgar Economy in Marxian Garb: A Critique of Temporal Single System Marxism.” Presented at the Annual Mini-conference of the International Working Group on Value Theory, hosted by the Eastern Economic Association Conference, April. www.iwgvt.org/iwg_sessions.php?year=2002.

[54] Morishima, M. 1973. Marx's Economics: A Dual Theory of Value and Growth. Cambridge: Cambridge University Press.

[55] Moseley, F. 2018. Money and Totality: A Macro-Monetary Interpretation of Marx's Logic in Capital and the End of the “Transformation Problem.” Chicago: Haymarket Books.

[56] Okishio, N. 1961. “Technical Changes and the Rate of Profit.” Kobe University Economic Review 7: 85–99.

[57] Okishio, N. 2001. “Competition and Production Prices.” Cambridge Journal of Economics 25 (4): 493–501.

[58] Parijs, Phillipe van. 1980. “The Falling-Rate-of-Profit Theory of Crisis: A Rational Reconstruction by Way of Obituary.” Review of Radical Political Economics 12 (1): 1–14.

[59] Pasinetti, L. 1983. Structural Change and Economic Growth: A Theoretical Essay on the Dynamics and Wealth of Nations. Cambridge: Cambridge University Press.

[60] Polanyi, K. (1944) 2001. The Great Transformation: The Political and Economic Origins of Our Time. 1st ed. Boston, MA: Beacon Press.

[61] Ramos, A. 1995. “The Monetary Expression of Labour: Marx's Twofold Measure of Value.” Paper presented at the Annual Mini-conference of the International Working Group on Value Theory, hosted by the Eastern Economic Association, New York, April. http://copejournal.com/wp-content/uploads/2017/02/Ramos-The-Monetary-Expression-of-Labour-Marxs-Twofold-Measure-of-Value.pdf.

[62] Ramos, A., and A. Rodriguez. 1996. “The Transformation of Values into Prices of Production: A Different Reading of Marx's Text.” In Marx and Non-Equilibrium Economics, edited by A. Freeman and G. Carchedi, 49–76. Aldershot and London: Edward Elgar.

[63] Robinson, J. (1942) 1960. An Essay on Marxian Economics. London: Macmillan.

[64] Roemer, J. 1981. Analytical Foundations of Marxian Economic Theory. Cambridge: Cambridge University Press.

[65] Samuelson, P. 1971. “Understanding the Marxian Notion of Exploitation: A Summary of the So-Called ‘Transformation Problem’ between Marxian Values and Competitive Prices.” Journal of Economic Literature 9 (2): 399–431.

[66] Schumpeter, J. 1994. History of Economic Analysis. London: Routledge.

[67] Shoup, C. 1988. “The Value Added Tax and Developing Countries.” World Bank Research Observer 3 (2): 139–156.

[68] Smith, A. (1776) 2008. An Inquiry into the Nature and Causes of the Wealth of Nations: A Selected Edition. Oxford: Oxford Paperbacks.

[69] Sraffa, P. 1975. Production of Commodities by Means of Commodities. Cambridge: Cambridge University Press.

[70] Steedman, I. 1981. Marx after Sraffa. London: Verso Books.

[71] Sweezy, P. (1942) 1970. The Theory of Capitalist Development: Principles of Marxian Political Economy. New York: Modern Reader Paperbacks.

[72] Uno, K. 1980. Principles of Political Economy: Theory of a Purely Capitalist Society. Translated from the Japanese by T. T. Sekine. Atlantic Highlands, NJ: Brighton.

[73] Von Böhm-Bawerk, E. (1884) 2014. Capital and Interest: A Critical History of Economic Theory. Charleston, SC: Nabu Press.

[74] Von Bortkiewicz, L. (1905) 1952. “Value and Price in the Marxian System (Part I).” International Economic Papers, no. 2: 5–60.