An Input-Output Reconstruction of the Macro-Monetary Interpretation of Marxian Theory
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In this paper, I extend Fred Moseley’s algebraic summary of the macro-monetary interpretation (MMI) of Marxian theory to explicitly incorporate the equality between the input and output prices, and examine some of the mathematical properties of the input-output model of the MMI that emerges from this exercise. First, in case the variable capital is equal to the prices of production of wage goods, the MMI model yields two different solutions, where one of them has the profit rate determined in the same way as in the standard model. Moreover, it is shown that the standard input-output system of equilibrium prices can be derived directly from the model of the MMI, which demonstrates that the latter shares the same structure with the standard input-output model. Second, in case the variable capital is equal to nominal wage cost, the profit rate and the prices of production are uniquely determined consistently to Moseley’s suggestion; however, the solution for gross outputs supporting these does not exist in a general condition.
Abstract
In this paper, I extend Fred Moseley’s algebraic summary of the macro-monetary interpretation (MMI) of Marxian theory to explicitly incorporate the equality between the input and output prices, and examine some of the mathematical properties of the input-output model of the MMI that emerges from this exercise. First, in case the variable capital is equal to the prices of production of wage goods, the MMI model yields two different solutions, where one of them has the profit rate determined in the same way as in the standard model. Moreover, it is shown that the standard input-output system of equilibrium prices can be derived directly from the model of the MMI, which demonstrates that the latter shares the same structure with the standard input-output model. Second, in case the variable capital is equal to nominal wage cost, the profit rate and the prices of production are uniquely determined consistently to Moseley’s suggestion; however, the solution for gross outputs supporting these does not exist in a general condition.
참고문헌 (6)
- Moseley, F, "The Determination of the Monetary Expression of Labor Time (“MELT”) in the Case of Non-Commodity Money", Review of Radical Political Economics, 43(1), pp.95~105 (2011)
- Moseley, F, "Money and Totality: A Macro-Monetary Interpretation of Marx’s Logic in Capital and the End of the “Transformation Problem" (2016), Brill Publishers
- 프레드 모슬리, "Reply to Park’s Review of Money and Totality", 마르크스주의 연구, 16(2), pp.236~245 (2019), 사회과학연구원[DOI]
- Nikaido, H, "Convex System and Economic Theory" (1968), Academic Press
- 박현웅, "A Review of the Macro-Monetary Interpretation of Marxian Labor Theory of Value", 마르크스주의 연구, 16(1), pp.125~149 (2019), 사회과학연구원[DOI]
- Roemer, J, "Analytical Foundations of Marxian Economic Theory" (1981), Cambridge University Press