22 P Sweezy, The Theory of Capitalist Development, ppl 15 and 128.
23 Miguel Angel Garcia, "Karl Marx and the Formation of the Average Rate of Profit'', International Socialism, 2:5 (1979); Anwar Shaikh, "Marx's Theory of Value and the 'Transformation Problem"', in Jesse Schwartz (ed), The Subtle Anatomy of Capitalism (Santa Monica, Goodyear, 1977).
24 This is an argument I accepted and spelt out in my book Explaining the Crisis (London, Bookmarks, 1984), pp160-162.
25 They have formulated what are known as "temporal" interpretations of Marx.
26 For various presentations of this argument, using mathematical examples, see G Carchedi, Frontiers of Political Economy, pp92-96; A Kliman, Reclaiming Marx's Capital, pp 151-152; Alan Freeman, "Marx without Equilibrium", MPRA Paper no.1207 (2007) available at .de/1207/1/MPRA\_paper\_l207.pdf
27 This interpretation of Marx on this point is known as the "single system interpretation". Some of those who hold to it also accept, like me, the temporal interpretation, with the combination of both being known by the cumbersome (and somewhat offputting) phrase "The Temporal Single System Interpretation" or TSSI.
28 G Carchedi, Frontiers of Political Economy, pp96-97.
29 Marx, Capital, Volume One, p44.
30 This is essentially the account provided by Bob Rowthorn in Capitalism, Conflict and Inflation (London, Lawrence and Wishart, 1980) pp231-249. Except that Rowthorn sees training as taking place mainly via the state and therefore, for him, outside of capitalism. Carchedi sees training as adding to the value of labour power, but does not explain how this transfers into the final product (Carchedi, Frontiers of Political Economy, pp130-133). Alfredo Saad Filho and P Harvey both strongly reject the interpretation I have put here because "it conflates education and training with the storing of up of labour in machinery and other elements of constant capital"-see Alfredo Saad Filho, The Value of Marx (London, Routledge, 2002), p58. For Harvey, "Skilled labour creates more value in equal periods of time than does unskilled labour because it is physically more productive, and there is no reason to suppose that any determinate relationship exists between this increased physical productiveness and the physical productivity of the extra labour needed to produce the skill"-P Harvey, "The Value Creating Capacity of Skilled Labor in Marxian Economics", Review of Radical Political Economy, 17: 1-2, quoted by A Saad Filho, in The Value of Marx). But what Harvey is assuming is that there is some way of measuring the comparative physical productivities of labour that might be producing quite different products, ie that you can equate the value of commodities by comparing their use values. This leaves him (and A Saad Filho) open to the very objection made by Bohm-Bawerk.
3 1 G Carchedi, Frontiers of Political Economy, p133.
Chapter Three: The Dynamics of the System
1 John Stuart Mill, Principles of Political Economy (London, 191 1), p339.
2 See L Walras, Elements of Pure Economics, p381 . For Jevons, see Eric Roll, A History of Economic Thought (London, Faber, 1962), p376.
3 Anwar Shaikh, "An Introduction to the History of Crisis Theory", in Bruce Steinberg and others (eds), US Capitalism in Crisis (New York, Union of Radical Political Economics, 1978), p221. Also available at http:/homepage .newschool.edu/-AShaikh/crisis\_theories.pdf
4 Luca Pensieroso, "Real Business Cycle Models of the Great Depression; A
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