Welcome to the website of the International Working Group on Value Theory (IWGVT). It contains all materials of the group and is updated regularly. In addition, it contains the archives of the founding materials of the IWGVT consisting of the 1995 to 2004 conference papers, the IWGVT Scholarship Guidelines and Volume 1 of our journal, Critique of Political Economy (COPE).
Abstract The welcomed introduction of Fred Moseley to a 27-page excerpt from Marx’s Economic Manuscript of 1867-1868 draws attention to the influence of turnover times on the formation of prices of production. I discuss the profit-adjustment decomposition outlined by Marx in these pages where he tries to distinguish the influences of turnover time and capital […]
From Marxist Humanist Initiative By Andrew Kliman From what has been said so far, we can see that each individual capitalist, just like the totality of all capitalists in each individual sphere of production, participates in the exploitation of the entire working class by capital as a whole … in a direct economic sense, since […]
From Marxist Humanist Initiative website Brendan interviews Andrew about his new article, “Value, Price & Prattle,” which responds to a recent paper in Historical Materialism by Jesse Lopes and Chris Byron. Andrew reiterates his request that the journal and its publisher retract the paper, because it misrepresents things that Marx and Andrew wrote and contains […]
By Andrew Kliman Published in With Sober Senses, Oct. 7, 2021 at https://www.marxisthumanistinitiative.org/economics/henryk-grossmanns-breakdown-model-on-the-real-cause-of-the-fictitious-breakdown-tendency.html, together with interactive spreadsheet file. There is much about Henryk Grossmann’s 1929 book on capitalist accumulation, breakdown, and crisis (Grossmann 1992) that I appreciate and [...]
MHI · Dialogue with Patrick Murray on the Value-Form Paradigm, Part 2 — Ep. 26 Brendan and Andrew continue their dialogue with Patrick Murray, the noted value-form theorist. (The value-form paradigm is a Marx-inspired strand of political economy that focuses on the market.) Patrick responds to Andrew’s arguments that Marx’s views on the origin of […]
MHI · Dialogue with Patrick Murray on the Value-Form Paradigm, Part 1 — Ep. 25 Brendan and Andrew welcome Patrick Murray, the noted value-form theorist, onto the podcast. (The value-form paradigm is a Marx-inspired strand of political economy that focuses on the market.) Patrick responds to the recent, two-episode RFH discussion––“The Value-Form Paradigm vs. Marx’s […]
The second half of a two-part interview on the “value-form paradigm”—a Marx-inspired and market-focused strand of political economy. Some years ago, the noted value-form theorist Patrick Murray responded to criticisms of the paradigm, leveled by Andrew and others in a published symposium. In this episode––guided by Brendan’s questioning, and for the first time anywhere––Andrew continues […]
Some years ago, Andrew participated in a published symposium on the “value-form paradigm”—a Marx-inspired and market-focused strand of political economy. Andrew and others criticized the value-form paradigm, and the noted value-form theorist Patrick Murray responded to them. In this episode (and a future one), Andrew replies to Murray’s paper—for the first time anywhere. He and […]
Abstract These comments on Fred Moseley’s book Money and Totality: A Macro-Monetary Interpretation of Marx’s Logic in Capital and the End of the ‘Transformation Problem’ address the fundamental issue of exchange consistency: when are things bought, when are they sold, and when are their prices established? This simple question defines the difference between two paradigms [...]
Download This spreadsheet contains a long-run dataset on GDP, from a variety of sources and by a range of different measures, for nations in the ‘North’ – the advanced or industrialised countries, as the IMF calls them. It is an extract from a much larger database on macroeconimic history that is under construction as part […]
Abstract This landmark article was first published in French in 1980 as Manuel Pérez, “Valeur et prix : un essai de critique des propositions néo-ricardiennes” in Critiques de l’économie politique (nouvelle série) n°10, Janvier-Mars 1980, which may be accessed at http://hussonet.free.fr/perez.pdf and was one of the earliest statements of what has become the TSS [...]
Abstract This article explores some aspects of Marx’s method for calculating the value of commodities in simple dynamic situations. His method is considered «temporalist» because it pays careful attention to the temporal sequence in which social labor-time is spent in the production sphere. This contrasts with the interpretation of Marx’s calculation proposed by Bródy, Morishima […]
Abstract Marx’s solution to the “transformation of the values of commodities into prices of production” has been criticized by the neoRicardians because “even if inputs prices are transformed, Marx’s ‘solution’ is internally inconsistent”. Steedman argues that Marx’s procedure is inconsistent because he “assumes that S/(C+V) is the [...]
Abstract In this paper we analyze, from the TSS perspective, the effects of price changes on the profit rate of a given industrial capital. Firstly, we argue that the analysis of the effects of prices change must be done utilizing the concept of the circuit of industrial capital. Secondly, we show that from the standpoint […]
