Towards a revision of the theory of capital

Duccio Cavalieri

MPRA Paper from University Library of Munich, Germany

Abstract: This is a proposal to restate the theory of capital along critical Marxian lines aimed at providing a better integration of the theory of capital with the theory of money and finance. The time value of money must be properly accounted for. An analytical method is proposed to accomplish this task. The fundamental Marxian problem of the origin of profit is treated with reference to a specific price index, the monetary expression of labour value (MEV), which accounts for both explicit and implicit cost components, including the financial cost of capital. MEV should not be confused with MELT, the ‘New Interpretation’ money expression of living labour time, which does not consider the opportunity-cost of capital and, following the erroneous net value equality, focuses on the money value of the living labour time commanded by commodities at a given wage rate, rather than on the money value of total abstract labour time embodied in commodities, inclusive of both living and past labour.

Keywords: Value; capital; labour; profit; Marx; neo-Marxism; accounting; MEV; MELT (search for similar items in EconPapers)
JEL-codes: B12 B13 B22 B5 B51 D46 E22 E4 E41 (search for similar items in EconPapers)
Date: 2013-06
New Economics Papers: this item is included in nep-hme, nep-hpe and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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