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Cambridge Journal of Economics 23:719-728 (1999)
Copyright © 1999 Cambridge Political Economy Society

Article

Marx, devalorisation, and the theory of value

M Perelman

Economics Department, California State University, Chico, CA 95929, USA
E-mail: michael@ecst.csuchico.edu

Abstract

This article investigates the implications of devalorisation of fixed capital in Marx's value theory. It shows why an exact, algebraic value theory is impossible. It also indicates how analysis of devalorisation provides a basis for understanding the nature of crises.


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