Towards an integrated theory of value, capital and money

Cavalieri, Duccio (2014): Towards an integrated theory of value, capital and money.

Abstract

This is an analysis of the present state of the theory of capital. The paper contains a proposal to reformulate this theory in an ‘late-Marxian’ up-to-dated perspective. The central problem discussed is the integration of the theories of value and capital with those of money and finance. An augmented cost-of-production theory of value is advocated. Special attention is focused on the role of Marx’s ‘monetary expression of labour value’ (MEV), rediscovered and unduly modified by neo-Marxists with the purpose to make it compatible with Marx’s labour theory of value. JEL Codes: B12, D46, E11. Keywords: value;

• Item Type: MPRA Paper
• Language: English
• Keywords: value; labour; capital; money; critical Marxism; MEV; MELT.
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B12 - Classical (includes Adam Smith); D - Microeconomics > D4 - Market Structure, Pricing, and Design > D46 - Value Theory; E - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E11 - Marxian ; Sraffian ; Kaleckian

References

BAIN, A.D. (1973), Surveys in Applied Economics: Flow of Funds Analysis, “Economic Journal, vol. 83, no. 332, pp.1055-1093.

CAVALIERI, D. (2004), On Some Equilibrium and Disequilibrium Theories of Endogenous Money: A Structuralist View, “History of Economic Ideas”, vol. 12 , no. 3, pp. 49-81.

CAVALIERI, D. (2009), Sull’inseparabilità delle strutture sintattiche nell’analisi classica del valore e della distribuzione, “Studi Economici”, no. 97/1, pp. 5-46.

FOLEY, D.K. (1982), The Value of Money, the Value of Labor Power and the Marxian Transformation Problem, “Review of Radical Political Economics”, vol. 14, no. 2, pp. 37-47.

FREEMAN, A. and KLIMAN, A. (2008), Simultaneous Valuation vs. the Exploitation Theory of Profit. A Summing up, “Capital & Class”, vol. 94, pp. 107-17.

GAREGNANI, P. (1984), Value and Distribution in the Classical Economists and Marx, “Oxford Economic Papers”, vol. 36, pp. 291-325.

KLIMAN, A. (2007), Reclaiming Marx’s Capital: A Refutation of the Myth of Inconsistency, Rowman and Littlefield, Lanham.

MARX, K. (1867-94), Das Kapital: Kritik der politischen Őkonomie, voll. 3, tr. Capital, Lawrence and Wishart, London, 1969-74 (and MESW, MEGA-Studien and MEGA II).

PALLEY, T.I. (2013), Money, Fiscal Policy and Interest Rates: A Critique of Modern Monetary Theory, IMK working paper 109, Washington, D.C., pp. 36.

SRAFFA, P. (1960), Production of Commodities by Means of Commodities: Prelude to a Critique of Economic Theory, Cambridge Univ. Press, Cambridge.

WRAY, R.L. (2012), Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems, Palgrave Macmillan, London.