In the discussion on the TSSI, I find Kliman asserting that the Fundamental Theorem of Marxism is due to Okishio, not Morishima. Apparently, I get it wrong in my LTV FAQ.
I disagree with the TSSI. But I find TSSI advocates amusing, even when they mock views I find more congenial:
"We can discern at least the following variantsI earlier mentioned that I was reading Andrew Kliman's recent book. And I posted about one narrow point in the book. Some have complained about my use of numerical examples on this blog. Such examples may help those uncomfortable with math, but they may not make the reasoning as clear to others as the use of algebra would. When I began Kliman's book, I worried that his numerical examples would suffer from the same problem. I needn't have worried; his explanations are generally clear. I was impressed with Kliman's refutation of the Okishio theorem. I didn't think that was possible, and I couldn't see any mistakes in his refutation.
Variant 7b.I: philosophico-mystical
The determination of price by value takes place behind our backs. It is part of the internal workings of the capitalist system which are ever so mysterious and can only be understood by reciting das Kapital six times before breakfast and joining my group. There is no such thing as the transformation problem and it doesn't matter that the figures don't add up, but you wouldn't understand that because you are a bourgeois revisionist.
Variant 7b.II: pseudo-dialectical
The determination of prices take place as the Sraffians describe it, and the determination of values takes place as Marx describes it. This can only be understood by reciting das Kapital twelve times before breakfast and joining my study circle. It is true that the figures don't add up, but that is because capital is inherently contradictory, and you should learn to live with it. You can't understand this because you haven't read Hegel.
Variant 7b.III: fake materialist
As Marx explains, the forces of production determine everything. This as Plekhanov explains is the basis of historical materialism. What Marx meant by the determination of value by labour time was the determination of value by technology as you will realize if you read Sraffa and buy my newspaper. The figures do add up. You do not understand this because you are not a worker." - Alan Freeman (1996).
I do have some problems with Kliman's book. I am not at all sure that Kliman adequately addresses Veneziani's claim that the Monetary Expression of Labor Time (MELT) is not defined. In arguing that the TSSI is a reasonable interpretation of Marx's texts, Kliman concentrates on those parts in which Marx puts forth quantitative theories. I would like to see more about Theories of Surplus Value and other texts in which Marx engages previous developers of political economy. I find that Marx, while appreciative of Ricardo and Smith, tends to read his own distinctions - e.g., between value and prices of production - back into, for example, Ricardo. Yet I do not find Marx criticizing Ricardo for not having temporal dynamics in Ricardo's treatment of natural prices. I assume TSSI advocates do not think Ricardo had Marx's supposed TSSI theory. What do they have to say about Marx's treatment of Ricardo? As far as I am aware, this is a gap in the literature.
By the way, the positions that Sraffa and the Sraffians take on Marx's theory of value are not uniform. Of course, Steedman's 1977 work is a classic in this literature. But I draw more on Eatwell, who is more approving of Marx's theory. Bellofiore, who has seen Sraffa's unpublished notes, recently argues that Sraffa came to be more accepting of Marx's theory as his research evolved. Sraffa's use of the standard commodity seems to have taken him to a position much like the "New Interpretation" of Foley and Lipietz.
- Riccaro Bellofiore (2007). "Sraffa after Marx: An Open Issue" New School seminar, (22 Feb)
- John Eatwell (1975). "Mr. Sraffa's Standard Commodity and the Rate of Exploitation", Quarterly Journal of Economics, V. 89, N. 4 (Nov): 543-555
- Duncan K. Foley (1986). Understanding Capital: Marx's Economic Theory, Harvard University Press.
- Alan Freeman (1996). "The Psychopathology of Walrasian Marxism", in Marx and Non-Equilibrium Economics (Ed. by Alan Freeman and Guglielmo), Edward Elgar
- Alan Kliman (2007). Reclaiming Marx's "Capital": A Refutation of the Myth of Inconsistency, Lexington Books
- Alain Lipietz (1982). "The So-Called 'Transformation Problem' Revisited", Journal of Economic Theory, V. 26, N. 1 (Feb): 59-88
- Ian Steedman (1977). Marx After Sraffa, NLB
- Roberto Veneziani (2004). "The Temporal Single-System Interpretation of Marx's Economics: A Critical Evaluation", Metroeconomica, V. 55, N. 1: 96-114
- Roberto Veneziani (2005). "Dynamics, Disequilibrium, and Marxian Economics: A Formal Analysis of Temporal Single-System Marxism", Review of Radical Political Economics, V. 37, N. 4 (Fall): 517-529