Money and transformation in Marx

Ricardo Tolipan ()

Brazilian Journal of Political Economy, 1983, vol. 3, issue 3, 308-318

Abstract: The transformation problem is one of the basic features of the marxist discourseand of its critique of Classical economics. The Bortkiewicz solution to the error in the algebraicformulation of this problem involves strict specifications of the numéraire used to expressprices and values. This paper aims to show that these specifications not only do not contradictMarx’s monetary theory but really imply it once we abandon labour as the substancewhich determines value. The paper also suggests that money as the “general equivalent” is thetrue medium through which transformation is possible and should substitute for “labour” inexpressing the idea of a “social energy” which determines capitalistic exchange values. JEL Classification: B51; D46.

Keywords: Marxism; Bortkiewicz; value theory; transformation problem (search for similar items in EconPapers)
Date: 1983
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