A Review of the Macro-Monetary Interpretation of Marxian Labor Theory of Value
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The most important contribution of the macro-monetary interpretation (MMI) as laid out in Fred Moseley’s recent book, Money and Totality: A Macro-Monetary Interpretation of Marx’s Logic in Capital and the End of the “Transformation Problem”, is to provide a unified theoretical and methodolo- gical approach that emphasizes a single monetary system of actual capitalist economy in long-run equilibrium as the object of analysis of Marxian theory. On the other hand, based on an idea that a price of production is not a unit price but an industry’s gross revenue, Moseley suggests that an input-output framework is incompatible with Marxian theory. To the contrary, I provide an input-output reconstruction of the MMI that replicpates many of its insights. An important view underpinning this exercise is that obtaining the solution for the profit rate and the prices of production by solving the simultaneous equations system does not necessarily contradict Moseley’s notion of the determination of the profit rate prior to that of the prices of production.
Abstract
The most important contribution of the macro-monetary interpretation (MMI) as laid out in Fred Moseley’s recent book, Money and Totality: A Macro-Monetary Interpretation of Marx’s Logic in Capital and the End of the “Transformation Problem”, is to provide a unified theoretical and methodolo- gical approach that emphasizes a single monetary system of actual capitalist economy in long-run equilibrium as the object of analysis of Marxian theory. On the other hand, based on an idea that a price of production is not a unit price but an industry’s gross revenue, Moseley suggests that an input-output framework is incompatible with Marxian theory. To the contrary, I provide an input-output reconstruction of the MMI that replicpates many of its insights. An important view underpinning this exercise is that obtaining the solution for the profit rate and the prices of production by solving the simultaneous equations system does not necessarily contradict Moseley’s notion of the determination of the profit rate prior to that of the prices of production.
참고문헌 (21)
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