Vulgar economy in Marxian garb: a critique of Temporal Single System Marxism

Abstract

This paper presents a critique of recent efforts, under the rubric of Temporal Single System Marxism, to defend Marx's value theory against the claim that his transformation algorithm is flawed. Although Marx did make a number of errors in elaborating his theory of value and the profit rate, these missteps do not undermine his larger scientific project. Far greater damage has been inflicted by his would-be Temporal Single System defenders, who camouflage Marx's errors by detaching him from his Ricardian roots; in the process they redefine value in a way that trivializes its function in Marx's system. (2002 URPE. All rights reserved.

Marx; Value theory; Transformation problem; Sraffa