Marx without equilibrium

Abstract

New emerging currents are questioning the assumptions of the traditional formalisation of Marx's value theory initiated by Ladislaw von Bortkiewicz in 1905, which has led three generations of economists to conclude Marx's theory was fundamentally flawed. The challenge comes from two directions characterised as ‘sequentialist’ and ‘non-dualist’. Freeman shows that the fusion of these two insights leads to a completely general, coherent, non-equilibrium account of Marx's value theory in which the traditional allegations of inconsistency and error cease to exist.