Dynamics, Disequilibrium, and Marxian Economics: A Formal Analysis of Temporal Single-System Marxism

In: Review of radical political economics, Band 37, Heft 4, S. 517-529

Abstract

This article analyzes the temporal single-system interpretation (TSSI) of Marx's economics. From a methodological viewpoint, the TSSI lacks both a clear definition of equilibrium and a rigorous analysis of disequilibrium dynamics, and the dynamic framework is incomplete. From a substantive viewpoint, temporal single-system (TSS) claims are trivially obtained by assuming that goods exchange at values, apart possibly from out-of-steady-state random deviations. Finally, the proof of the law of the tendential fall in the profit rate is tautologically true, but its theoretical relevance is unclear.