Marxist Interpretations of Marx’s Explanation of Money Price

Howard Nicholas ()
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Howard Nicholas: Erasmus University Rotterdam

Chapter Chapter 7 in Explorations in Marx’s Theory of Price—Why Marx Is Still Relevant for Understanding the Modern Economy, 2023, pp 195-248 from Palgrave Macmillan

Abstract: Abstract In this chapter I outline and critically evaluate two competing interpretations of Marx’s explanation of the money prices of commodities found in the literature. I refer to these as the traditional and monetary interpretations or approaches. The traditional approach interprets Marx conceiving of the value of the commodity as the quantity of abstract labour time actually expended in its production while the monetary approach interprets him conceiving of the value of the commodity as the quantity of money appropriated as incomes in the context of its production where money represents a certain quantity of abstract labour time. The basic argument I develop is that both approaches misinterpret Marx’s conception of the value of the commodity, causing them to misinterpret his conception of money and, consequently, his explanation of the money price of the commodity. I argue that the most obvious manifestation of these mistaken interpretations of Marx’s explanation of the money price of the commodity is that they interpret him seeing changes in the relative money prices of commodities taking place independently of changes in the aggregate money price level, and not also in the context of the latter.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-56564-8_7

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DOI: 10.1057/978-1-137-56564-8_7

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