Two Temporal Single System Interpretation of Marx Calculations of the MELT

Abstract

Far too often articles concerning the Temporal Single System Interpretation (TSSI) of Marx simply attempt to dismiss this interpretation of Marx, which frees his value theory from false allegations of inconsistency and redundancy, on the spurious grounds of its difference to ‘Marxist’ approaches that are influenced by the methods of ‘mainstream’ economics, such as simultaneous calculation of prices and values. As, sadly, critics of the TSSI outnumber its supporters, most journals insist that articles supporting the TSSI should follow/address the agenda of the TSSI’s critics. This ‘non-debate’ has held back attempts to explore the TSSI. In Potts (2011a) I noted for the first time that there is a difference between Kliman’s and Freeman’s methods of valuing commodities in the presence of stocks of commodities. I concluded that this difference of approach indicates how research informed by the TSSI of Marx is not a matter of following a particular dogma, but rather is an open and exciting route to attempting to apply Marx’s analysis of capitalism to understanding the world today. Potts (2011a) is not widely known as the electronic journal Critique of Political Economy, sadly, did not continue beyond its first issue. So in this article I shall repeat my analysis, focusing on how Freeman’s and Kliman’s different methods lead to different calculations of the monetary expression of labour-time (MELT).