This paper presents an interpretation of the quantitative dimension of Marx's value theory in which prices and values are determined interdependently and within historical time. This interpretation is then shown to refute allegations that his value theory suffers from internal inconsistencies. Among the issues considered are Marx's law of the falling rate of profit, the alleged redundancy of value, value determination under joint production, and the 'transformation problem.' The 'single-system' interpretation of values and prices as interdependent eliminates the alleged inconsistencies that pertain to magnitude; the 'temporal' interpretation of value and price magnitudes as determined in historical time eliminates the alleged inconsistencies that pertain to determination.

Most criticisms of Marx's attempt to solve the transformation problem focus on his failure to separate value and price calculations. It is argued here that there is nothing wrong with Marx's approach once it is construed as an exercise in dialectics rather than some attempt to map mathematically values on to prices. Consequently, much of the debate over values and the transformation of values has been wrongly directed at matters of mathematical technique when the real issue concerns one of method.