This paper evaluates the alleged refutation of the Okishio theorem by the Temporal Single-System Interpretation (TSSI) of Marxian value theory. The TSSI's refutation of the Okishio theorem requires not only changes in the definition of the rate of profit but also an arbitrary assumption about...

Duménil, Foley and Lévy (DFL)'s note gives a formal presentation of the 'New Interpretation' that explicitly considers the issue of heterogeneous labour. It clarified some issues raised in my previous paper. Unfortunately, however, DFL offer only a mathematical formalism while leaving the most...

The 'New Interpretation' (NI) argues that Marxian value categories can be measured using price variables through the concept of monetary expression of labour time (MELT). Starting from the central insight of the NI, this paper focuses on the estimation of sectoral rates of surplus value. It will...