Money and Labour-Power: Marx after Hegel, or Smith plus Sraffa?

Michael Williams

Cambridge Journal of Economics, 1998, vol. 22, issue 2, 187-98

Abstract: Reinstating the dialectic in Marx's account of capitalism is argued to be the best way of maintaining its coherence after the Sraffian critique. The key to this involves purging any reliance upon any autonomous labor-value substructure underlying prices and money. It is shown that adopting this approach opens up rich possibilities for interpretation of contemporary developments such as the increasing dominance of the monetary and financial sectors, and the two decades of liberalization of labor markets. The paper focuses on the appropriate conceptualization of money and labor-power, arguing against the modern classical approach of W. Dixon and G. Kay (1995). Copyright 1998 by Oxford University Press.

Date: 1998
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