Money has no Price: Marx’s Theory of Money and the Transformation Problem

Fred Moseley

Chapter 12 in Marx’s Theory of Money, 2005, pp 192-206 from Palgrave Macmillan

Abstract: Abstract According to the standard interpretation of the ‘transformation problem’ in Marx’s theory, the money commodity (e.g., gold) is treated as essentially the same as all other commodities. If the first place, it is assumed that the money-commodity has a value-price (price proportional to labour-time)2 and also has a price of production, which could be different from its value- price, just like all other commodities. Second, it is argued that, in the transformation of value-prices into prices of production, some surplus-value is transferred from the gold industry to all other industries in order to equalize the rate of profit. Finally, as a result of this transfer of surplus-value from the gold industry to all other industries, the prices of production of all other commodities increase, so that the total price of production of commodities is greater than their total value-price. In this chapter, Bortkiewicz and Sweezy will be considered as the representatives of the standard interpretation of Marx’s theory of money and the transformation problem in particular (with the former the originator of the standard interpretation).

Keywords: Actual Quantity; Standard Interpretation; Profit Rate; Definite Quantity; Total Price (search for similar items in EconPapers)
Date: 2005
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-52399-9_13

Ordering information: This item can be ordered from
http://www.palgrave.com/9780230523999

DOI: 10.1057/9780230523999_13

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().