The Price-Form as a Fractional Reflection of the Aggregate Value of Commodities

Daniel E. Saros
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Daniel E. Saros: Department of Economics, Valparaiso University; e-mail: dan.saros@valpo.edu

Review of Radical Political Economics, 2007, vol. 39, issue 3, 407-415

Abstract: The new interpretation of the labor theory of value has raised awareness among Marxist economists that the value of money must be incorporated in a coherent manner into any solution that is proposed to the long-standing transformation problem. The author proposes a fiat money form of value that extends Marx's theory of money and offers a new approach to the transformation procedure based on a reinterpretation of socially necessary abstract labor time.

Keywords: fiat money; price-form; socially necessary; monetary expression of labor time (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:39:y:2007:i:3:p:407-415

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