Reply to Park’s Review of Money and Totality
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This short paper is a reply to Hyun Woong Park's review essay of my recent book Money and Totality: A Macro-Monetary of Marx's Logic in Capital and the End of the ‘Transformation Problem’. The paper argues that it is not possible to reconstruct my macro-monetary interpretation of Marx's theory in terms of linear production theory; these two theories are incompatible. It also explains how inputs prices are determined in my macro-monetary interpretation. And, it argues that the assumption that the economy is in long-run equilibrium does not necessarily imply that input and output prices and the rate of profit are determined simultaneously. I very much appreciate Park's substantial review of my book.
Abstract
This short paper is a reply to Hyun Woong Park's review essay of my recent book Money and Totality: A Macro-Monetary of Marx's Logic in Capital and the End of the ‘Transformation Problem’. The paper argues that it is not possible to reconstruct my macro-monetary interpretation of Marx's theory in terms of linear production theory; these two theories are incompatible. It also explains how inputs prices are determined in my macro-monetary interpretation. And, it argues that the assumption that the economy is in long-run equilibrium does not necessarily imply that input and output prices and the rate of profit are determined simultaneously. I very much appreciate Park's substantial review of my book.
참고문헌 (5)
- Marx, Karl, "Marx. Capital, Vol. 1" (1977), Random House
- Moseley, Fred, "Money and Totality: A Macro-Monetary Interpretation of Marx’s Logic in Capital and the End of the ‘Transformation Problem’" (2016), Brill
- 박현웅, "A Review of the Macro-Monetary Interpretation of Marxian Labor Theory of Value", 마르크스주의 연구, 16(1), pp.125~149 (2019), 사회과학연구원[DOI]
- Steedman, Ian, "Marx after Sraffa" (1977), New Left Books
- Wolff, Richard, "Marx’s (not Ricardo’s ‘Transformation Problem’: A Radical Reconceptualization", History of Political Economy, 14(4), pp.564~582 (1982)