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The neo-Ricardian interpretation of Marx's concept of value is criticized. A one commodity, circulating capital model is presented which both reinstates the neglected intertemporal aspect of value magnitudes, and seriously challenges the neo-Ricardian's "refutation" of the law of the tendency of the rate of profit to fall. Much of the further significance of the argument is summarily stated as a conclusion.
John R. Emstt (Tue,) studied this question.
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